Government policies like Pradhan Mantri Awas Yojna (PMAY) Scheme which provides a credit linked subsidy of Rs. 2.43 lakh to homebuyers purchasing residences below 60 sq meters has helped developers like XRBIA to sell almost 6000 units last quarter.
Founded in 2012, XRBIA Developers focuses on affordable housing and has so far built 15 million sq ft of projects and has an additional 15 million sq ft under construction in and around Mumbai and Pune. Company is looking to enhance our footprint across the country.
The company is looking at around 20-25 acres of land at least for proposed project. However, it is keen to look at large townships in the affordable housing space in the range of 100 acres for project.
Infact, The new category MIG has been introduced by government recently The Middle Income Group 1 (MIG) and Middle Income Group (MIG) – II under PMAY scheme. The MIG – I will comprise of households having an annual income between Rs.6,00,001 up to Rs.12,00,000 and, the Middle Income Group (MIG) – II will comprise of households having an annual income between Rs.12, 00,001 up to Rs.18, 00,000. So, effectively anyone earning between Rs 6 lakh and Rs 18 lakh per annum can avail the benefits of subsidized loans provided by PMAY scheme.