$2 Billion Investment In Affordable housing By Piramal Finance Ltd.

Piramal Finance Ltd. (PFL), a subsidiary of Piramal Enterprises Ltd., plans to invest $2 billion (more than Rs 12,800 crore) in the affordable housing sector by 2020, a top executive said.

1
76

$2 Billion Investment In Affordable housing By Piramal Finance Ltd.

Piramal Finance Ltd. (PFL), a subsidiary of Piramal Enterprises Ltd., plans to invest $2 billion (more than Rs 12,800 crore) in the affordable housing sector by 2020, a top executive said.

Affordable housing will take off in a big way with government push, said managing director, Piramal Finance Ltd. and Piramal Housing Finance Ltd. Almost all big developers are getting into this space and we are willing to provide end to end solutions to such developers, he added.

Read Also: Magnetic Maharashtra, Rs 1.5 Lakh Crore In Affordable Housing For Navi Mumbai

Affordable housing will come up on the outskirts of the cities on 100 to 300 acres of land parcels. So, they are providing equity capital to buy land and also construction finance for building the houses. They are also providing housing loans to self-employed people and others to help the developer to easily find buyers. With their end-to-end solution, the developer will only concentrate on getting approvals and constructing the project on time.

Projects have been identified in Mumbai Metropolitan Region (MMR), Bengaluru and Chennai with investment potential of Rs 3,000 crore. Their target is to invest $2 billion by 2020 in affordable housing.

Read Also: CREDAI-CBRE Report Finds Millennial Demand Drivers For Affordable Housing

The firm, with a loan book of Rs 65,000 crore as on December 31, 2017, has set up a dedicated team to invest in affordable and mid-income residential projects across major metros in India. PFL is also pursuing opportunistic acquisitions of land on its own accord and will invite developers to participate on a joint development basis.

Read Also: Budget 2018 : Real Estate Sector & Real Changes For Affordable Housing

While many players in the market are focused on providing equity or debt capital towards affordable and mid income housing, Piramal Finance Ltd. believe that their ability to provide a comprehensive end-to-end solution, including both early stage equity as well as construction linked debt, is truly unparalleled as it helps the developer achieve financial closure for the project on Day Zero.

Source Link- http://www.thehindu.com/.

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here