ATS group to invest Rs 2,000 cr on building affordable homes under PMAY scheme
New Delhi: ATS Infrastructure Group, a realty firm founded by Geetambhar Anand, on Wednesday has ventured into mid-income housing segment with a new venture 'HomeKraft' under the PMAY scheme in National Capital Region (NCR).
Prasoon Chauhan, a banking veteran with 12 years of experience, has been appointed as the chief executive officer of the project Homekraft.
HomeKraft will develop homes of size ranging from 950 sq ft to 1,600 sq ft and in the price range of Rs 30-70 lakh.
The company will develop projects in the National Capital Region and gradually move to other projects across the country.
All the apartment would qualify under Pradhan Mantri Awas Yojana (PMAY) and other concessional schemes of the Government such as interest subvention under CLSS, concessions on GST etc and would depend on customers eligibility. The investors are looking to invest about Rs 2,000 crores for construction of these unit which will be attained from mix of internal accruals, debt and private equity funds.
It is already in advance talks with a major private equity firm to raise the fund within 3 months.
"The firm is looking to reach sales of 6000-6500 units in the next 3‐5 years with expected revenue in the range of Rs 4000-5000 crore," ATS CMD Getamber Anand said, adding that the first project would be launched by June this year.
ATS has already delivered nearly 7,000 units of apartment build on 30 million square feet of residential space while 40 million square feet of residential space is under construction.
The group has the magnificent 3,500 dedicated workforce, extraordinary in-house construction, security, facility and maintenance teams and unmatched brand equity.
Homekraft CEO Prasoon Chauhan said that the venture Homekraft aspires to become one of the top five developers in the country in the next 3-5 years with the perseverance of quality construction and timely delivery.
Homekraft promises to deliver every apartment with maximum space efficiency and integrated utilities which will fulfil the needs of the client.According to Market and housing experts, there is a strong demand for affordable housing segment as also it is a key pillar of Indian Government's vision of housing for all.