MRG World, an emerging player in affordable housing segment today announced the launch of a new residential project ‘The Meridian’, which will come up at Sector 89, Gurugram, Haryana. Spread across 5.5 acres of land, the new affordable offering will consist of 755 units of 2BHK apartments of varied sizes ranging from 533 sq. ft to 633 sq. ft.
With the Company targeting the lower and mid-income group for the upcoming project, it has priced the units at a very competitive rate of Rs 4,000 -4,500 per sq. ft. This implies that units are priced between Rs. 21.7 lac Rs. 25.8 lac and is likely to entail an investment of Rs 200 crore, which will be met by internal accruals and proceeds from sale. As the project is also registered under Pradhan Mantri Awas Yojna (PMAY), homebuyers can avail a subsidy of up to Rs. 2.67 Lacs on home Loan Interest. Accordingly, homebuyers will also be required to pay a GST of just 1%.
The Project is registered with Haryana RERA (H-RERA) and the construction of ‘The Meridian’ has already commenced. The delivery of project is likely by 2023.
The Meridian is strategically located on Main Pataudi Road in close proximity to IMT Manesar and is also well connected to both NH-8 & Dwarka Expressway offering abundance of greenery and tropical style landscaping. IGI Airport is also minutes away from the upcoming project, which is set to redefine affordable house paradigm not just in Gurugram, but in the entire region.
Commenting on the launch of the project, Rajat Goel, Joint MD, MRG World, “Affordable Housing is a trend nowadays and prevalent amongst the home buyers. When you get a house at an affordable rate without compromising of high features and amenities, it is always an icing on the cake. There is a dearth of affordable housing option in Gurugram with world class amenities. Our new offering ‘The Meridian’ is an attempt to fill that void.”
MRG World is also developing another affordable housing project by the name of The Balcony at Sector 93, Gurugram.