Ashok Piramal Group’s realty firm Peninsula Land on February 12 said that it will invest Rs 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 Rs 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.
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 Rs 2.67 lakh in the form of interest subsidy.
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.