Emgee Group, known for its high-end properties, said it is planning to enter the affordable homes segment by building homes in price range of Rs 8 lakh to Rs 14 lakh with a configuration of 300 sq ft to 500 sq ft each unit.
With this venture the company aims to help home-buyers qualify for benefits of credit-linked subsidy scheme under the Pradhan Mantri Awas Yojana.
The company plans to spend nearly Rs 1,600 crore to build 25,000 affordable homes over the next five years in the first phase.
“For this venture the company has already procured development rights for 100 acres in Neral and Shahpur near Mumbai. The company is also looking forward to raising funds for the group and is in capacity to discuss future projections,” said the company.
Emgee Group is a real estate development company based in Mumbai, founded by Mudhit Gupta in 2002.
The company focus on building residential complexes, townships, commercial composites, with a strong presence in Mumbai, Khandala and Goa.