Ajmera to foray into affordable housing segment

Real estate developer Ajmera Group is foraying into affordable housing with a ₹250-crore investment in a residential project in Bengaluru.

The Mumbai-based company will execute the housing project — to come up on a 10.2-acre land parcel — jointly with a local developer, Dhaval Ajmera, director of Ajmera Group, told ET.

“In phase 1, we will build 300 units. Bengaluru is a key market for us and this is our maiden affordable housing project in north Bengaluru,” Ajmera said.


The houses in this project will be spread over 400-700 sq ft with one- and two-bedroom configurations.

This is not the first time the group is executing a housing project in Bengaluru — it had earlier delivered about 2.6 million sq ft, but not in the affordable housing segment.

Several builders in the country are now moving into the affordable housing segment, drawn by government subsidies and schemes like affordable housing fund, lower GST rates and increased tenure of loans under credit-linked subsidy scheme (CLSS).

According to Liases Foras Real Estate Rating & Research, sales across the top eight Indian cities in FY18 jumped 13% from a year ago, with affordable housing and mid-income segments recording maximum growth.