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Amrapali Group To Launch Affordable Housing

The company has announced ‘Amrapali Adarsh Awas Yojna’ only for serving or retired government employees. Adarsh Awaas Yojna will be a part of 100 acres of land in Greater Noida (West) with approximately 5000 number of flats to be constructed of 975 to 1300 sq. ft onwards in 2-3 BHK formats at a price of Rs. 22 lakh and above

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The Modi Government's mission of providing 'Housing For All by 2022’ is set to take-off in a big way very soon as more and more developers are coming forward to announce their ‘affordable’ projects in line with the this mission. According to KPMG, India would require about 11 crore housing units on a pan India basis by 2022 to achieve the vision of 'Housing For All by 2022’

Latest to join the bandwagon is one of the largest developer in Noida & Greater Noida (NCR): the Amrapali Group. The company has announced ‘Amrapali Adarsh Awas Yojna’ only for serving or retired government employees. Adarsh Awaas Yojna will be a part of 100 acres of land in Greater Noida (West) with approximately 5000 number of flats to be constructed of 975 to 1300 sq. ft onwards in 2-3 BHK formats at a price of Rs. 22 lakh and above.

According to the company, the Adarsh Awaas Yojna will be a self-sufficient township covering all the safety and regulatory norms along with a cricket stadium of its own. M S Dhoni’s cricket academy, a 150 bedded multi-specialty Hospital, 2lakh sq. ft of commercial area, 6 nursery schools, 2 secondary schools and other basic infrastructures as also announced to be a part of this project.

From the point of connectivity, this project is alluring says the company as a metro station is at approximately 1km from the project which will also be connected by a 100m wide road to sector 79, Noida.

According to Dr. Anil Kumar Sharma, CMD, Amrapali Group, “We are quite pleased and proud of this offering to the people who are looking to have a home in the middle of a modern and new society, this project is open to all who are looking to buy a flat but the attractive buy would be for Government employees who can avail attractive discounts on our existing prices.”

On November 9, 2015 Subhash Chandra-promoted Essel group had also announced that they would be looking to build 2 lakh homes across the country by 2022 in line with the government's vision of 'Housing For All' by 2022 under the brand name 'ASHA’. The first project is expected to be launched next month in Panchkula, Haryana at about Rs 1,500 per sq ft. at a starting price of a flat at Rs 15 lakh. Besides, the company also plans to build affordable homes in Hisar, Bahadurgarh and Rohtak in the first phase.

Diversified Essel Group, which has a presence across sectors such as media, entertainment, packaging, infrastructure, and education among several other categories of business, said it will be investing Rs 800 crore in the first phase covering cities in Haryana. The proposed low-cost houses will be built in Panchkula, Hisar, Bahadurgarh and Rohtak in Haryana. After Haryana, the company will launch projects in Uttar Pradesh and other states.

“Under ASHA 2022, we aim to build 2 lakh homes by 2022 and are set to sign a deal with a Japanese company, which has experience in the affordable housing segment. We are looking for partners in other states as well,” Chandra had said in a press conference. Essel Group will facilitate projects in terms of technical know-how, management execution skills, and is scouting for partners to come on board.

In order to push low-cost housing the NDA Government has already announcing its flagship programme called "Housing for All by 2022", a new urban housing mission which has already been approved by the Union Cabinet. Under the mission, the goal is to construct around 2 crore houses across 4,041 statutory towns and cities by 2022. Why 2022? Because it marks 75 years of independence of India.

Union Housing and Poverty Alleviation Minister M Venkaiah Naidu has already said public and private sector cooperation is needed to make "Housing for All" possible.

"States and the Centre must work together and it is the need of the hour. Private sector involvement is also required for it," Naidu said at the function organised to mark the 45th foundation day of Hudco.

Essel Group is not new to real estate sector. Apart from building houses, the group's private equity arm - Essel Finance Advisors and Managers LLP - reportedly plans to invest in affordable and mid-income housing projects. News reports suggests that Essel Finance has already invested Rs 40 crore through non-convertible bonds in two affordable housing projects in Mumbai - Rashmi Housing at Mira Road and Naigaon in north Mumbai. Moreover, Essel Finance is also reported to be investing in another project. Earlier in 2015, Essel had invested Rs 40 crore in an affordable housing project of Maple Group in Pune’s Chakan area which sells homes under Aapla Ghar brand, reports said.