Ara plans US$229.6 million investment to build 10,000 homes

Mexican homebuilder Consorcio Ara on Thursday unveiled plans to invest 4 billion pesos ($229.64 million) in the construction of 10,000 new homes over the next 3 to 4 years.

In a statement to Mexico's stock exchange market, the company said the homes would be built in 10 developments located in Mexico City, as well as Querétaro, Puebla, Nayarit and State of Mexico.

The homebuilder industry has suffered in recent years after failing to adapt to changing consumer preferences and new government rules that prioritized urban high rises over family homes away from city centers