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IL&FS to venture into low-cost housing

Monday, 16 Apr 2018
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IL&FS Group, an infrastructure development and financial services company, is foraying into affordable housing business with three projects. Around 40 acre of land has been allocated for this initiative in three locations of GIFT in Gujarat, Hyderabad and Chennai.

The business will be undertaken as part of special subsidiary called IL&FS Townships and Urban Assets. It will form joint ventures (JVs) and participate in public-private partnership (PPP) projects initiated by the government.

Under this venture, the company will be targeting on building affordable residences, economic activity to support job creation and livelihood around the project’s location, and providing services to upgrade lifestyle.

IL&FS will be launching its first smart homes project in GIFT City, Gandhinagar, Gujarat, and the company is looking to construct 1,000 such homes in Phase-I of development by 2020. The company is aiming to deliver one million over a period of 10 years.

The group has intended to implement affordable housing projects on land that is already in its possession and is suitable for this initiative based on proximity to the city, the connectivity to places of work and geophysical contours.

The group is looking to use construction finance and funds infusion by private equity firms to support the venture apart from customer advances.

 
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