Salarpuria Sattva is one of the leading real estate development firms in South India. Although it is Bengaluru bases realty firm, they have a presence across various Indian cities such as Kolkata, Pune, Hyderabad, Jaipur, Coimbatore, and Goa. They have developed many housing projects across the city. Currently, they are in partnership with a global investment fund names Blackstone. Together, they have bought ‘Global Village Tech Park’ in Bengaluru for Rs. 2,700.
In the last three decades, Salarpuria Sattva has constructed and successfully delivered 114 housing units projects across seven cities in India. Recently, Salarpuria Sattva has made an official announcement that they are entering into an affordable housing segment. They are investing Rs. 900 crore to develop two projects in IT City. One of the two projects will be located near the Kempegowda, whereas the second will be located on the Mysore road.
The Managing Director of Salarpuria Sattva, Bijay Agarwal has said that these two projects will mark Salarpuria Sattva’s entrance in the affordable housing segment. He also added that there will be about 2,500 flats in the two projects. The price range of the housing units in these projects will range from Rs. 20 lakhs to 60 lakhs. Salarpuria Sattva is expecting that the projects will be ready to launch by the beginning of next year. Lastly, Salarpuria Sattva Group is also actively working in the education and hospitality business.
Currently, the Government of India is encouraging property developers to construct more projects belonging to the affordable housing sector. For this, they have reduced the Good and Services Tax (GST) to 1%. Furthermore, the Government of India is providing a deduction of Rs. 1.5 lakh on the interest paid on the home loans. They have also introduced a central scheme providing interest subsidy named as Pradhan Mantri Awas Yojana (PMAY).