SCC Builders to invest Rs 300 cr on affordable housing project at Ghaziabad

New Delhi: Realty firm SCC Builders will invest Rs 300 crore to develop an affordable housing project at Rajnagar Extension in Ghaziabad.

The company would construct around 1,000 flats in this 4.5 acre project. This includes 300 flats for economically weaker section (EWS).

The project will be developed under the Affordable Housing in Partnership under the Pradhan Mantri Awas Yojana.

The total investment on this project would be Rs 300 crore and the same would be funded through internal accrual and bank loans, the Ghaziabad-based company said in a statement.

A school, nursing home and a commercial tower is also proposed in this project.

SCC Builders CEO Vipul Giri said the housing demand has increased in Rajnagar Extension on the back of infrastructure development like long elevated road connecting this area with Delhi and other parts of NCR.

This project will help government achieve its objective of Housing for All by 2022, he added.

SCC Builders has so far delivered over 1,500 housing units across three projects in Ghaziabad.

Affordable housing has gained momentum after the government accorded infrastructure status to this segment. The Centre is also providing interest subsidy to homebuyers and levying lower GST rate of 8 per cent to boost demand of affordable housing.