India Infoline Finance Group and few of its clients plans to invest Rs 300 crore in a real estate project under the SRA scheme. The project will come up in the western Mumbai suburb, Borivali.
IIFL and the clients have disbursed Rs 100 crore as the first tranche, which will finance the relocation of slumdwellers, procuring government approvals and initial project expenses.
Radius Developers is developing the project in partnership with Deserve Builders & Developers, and it will create a saleable area of about 850,000 sq. ft of residential space. Deserve Builders will primarily look into the slum component, which will involve obtaining approvals and clearing the land, Radius will build and market the project.
The project has received the mandatory letter of intent to start the process of clearing the slums.