Arihant group, the well-known real estate firm, forays into affordable housing sector by making an investment of Rs. 250 crores in a housing project at Greater Noida west.
Arihant is a Delhi-based realtor and is known for premium projects in multiple locations of NCR region.
Kaushal Jain, Managing Director, Arihant Group, said that the entire investment will be met via internal accruals and customer advances.
The company named this project as Arihant Abode and it will have 11 towers with a total of 944 housing units. The project will be developed in a phased manner and the first one is expected to be ready for possession by April 2022. However the entire project is expected to be completed by November 2024.
The home buyers in Noida-Greater Noida location are eligible for the interest subsidy of 2.67 lakh rupees on the home loan that will be availed under the affordable housing also known as PMAY – Pradhan Mantri Aawas Yojna.
Earlier in March 2018, the required codes were allotted to both Noida and Greater Noida and the details have been forwarded to Housing and Urban Development Corporation [HUDCO] and National Housing Bank [NHB]. The entire Pradhan Mantri Aawas Yojna is being handled by NHB i.e. National housing bank.
Prior to this, the Yogi Aditynath-led UP Government sent the proposal to the Ministry of Housing and Urban Affairs to add Noida-Greater Noida in the list of cities that fall under PMAY Scheme in order to offer maximum benefit to the home buyer in these towns. Although this facility can be availed before getting their home loan sanctioned and prior making the initial payment.
This moved has come as a relief for thousands of home buyers in Noida-Greater Noida location as both these cities fall under the Industrial Authorities which is different from the urban areas of the State such as Ghaziabad.