U.S. private equity firm KKR & Co. has committed $31 million to development projects by Signature Global, a developer based in Gurgaon.
High volume is the key to the huge opportunity in India’s affordable housing market, says Signature Global’s Pradeep Aggarwal.
Also boosting the market: an interest-rate subsidy for low-income homebuyers offered by the Indian government as part of a push to ensure that all Indians can secure affordable housing by 2022.
Signature Global has plans to build 7,400 affordable homes around the city, each about 600 square feet and costing $20,000 to $30,000.
The Haryana state government is trying to encourage private development of low-cost housing by granting licenses on 300 acres of land reserved for affordable housing. ICICI Prudential is also backing Signature Global.