Real Estate

Peninsula Land to invest ₹ 160 cr in Pune project

PTI New Delhi | Updated on February 12, 2019

Rajeev Piramal, Vice Chairman and MD, Peninsula Land

To develop PMAY approved 600 apartments in second phase

Ashok Piramal Group’s realty firm Peninsula Land on Tuesday said it will invest ₹ 160 crore to develop 600 apartments in the second phase of its affordable housing project in Pune.

The Mumbai-based real estate firm had in April last year launched 900 units in the first phase of the 50-acre project -- addressOne -- located at Gahunje, Pune. The project cost was ₹ 200 crore.

The company has launched the second phase named ‘addressOne Central Park’ to develop 600 apartments, Peninsula Land said in a statement.

The project received a good response in the first phase, Vice Chairman and MD Rajeev Piramal said.

“We plan to invest a further ₹ 160 crore in developing 600 apartments in the second phase. At Peninsula Land, we believe in providing homes that are affordable and yet offer luxurious amenities to our customers,” he added.

Peninsula has tied up with Home Capital that will provide home buyers interest free loan on stamp duty and registration. The project is also PMAY (Pradhan Mantri Awas Yojana) approved which will help home buyers get up to ₹ 2.67 lakh in the form of interest subsidy.

“With growing urbanisation, India has a huge demand for affordable homes and to give the necessary fillip to this sector, the government too has provided several initiatives for the affordable housing sector,” Piramal said.

Peninsula Land has delivered more than seven million sq ft of real estate. Over 10 million sq ft is under construction and in the pipeline in Mumbai, Bengaluru, Pune, Goa, Nashik and Lonavala.

Published on February 12, 2019

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like