Realty developer True Habitat has raised Rs 30 crore from CSL Finance to acquire over 4.16 acres of prime land in Gurgaon’s Sector 79.
The company plans to develop a group housing project under the Haryana government’s affordable housing policy with 650-700 apartments and 45,692 sq ft of commercial space.
The cost of land acquisition is Rs 35-40 crore, including the approval cost, said Shyamrup Roy Choudhury, managing director of True Habitat Group of Companies. The company will invest another Rs 100–110 crore for construction and development, he said.
Savills India is the advisor to True Habitat for raising capital for this project.
“The performance of affordable housing projects over the last turbulent five years is witness to the solid demand fundamentals of this asset class in Indian cities,” said Diwakar Rana, managing director, capital markets, at Savills India. “We have witnessed increased private equity participation on an institutional scale to develop urban social impact in the last decade, buoyed by government policy initiatives.”
The developer plans to fund the construction through internal accruals, according to Choudhury.
The construction approvals for the project– slated to be launched by January 2022–are in process, said Choudhury
True Habitat’s Chaudhury said, “We will launch around 3,500 apartments in 2022, starting with this project, and the pre-planning work is underway. More acquisitions will be made in 2022.”
He said True Habitat will utilise the latest innovations in construction technology and design to develop sustainable and high-quality living spaces.
‘Bodh’ is the housing brand of True Habitat Group, promoted by Choudhury, who was the chief operating officer in the affordable housing vertical for Adani Realty.
The company plans to launch more than 1 million sq ft of affordable housing flats by March 2022.