The Shapoorji Pallonji Group has partnered with Standard Chartered Private Equity, IFC, a member of the World Bank Group, and the Asian Development Bank, to form a joint venture to build quality affordable housing projects in India.
The Rs 1,250 crore investment plan will look to develop about 20 million sq. ft. of quality affordable homes across the country spanning cities such as Mumbai, Pune, NCR, Chennai, Kolkata, Bengaluru and Ahmedabad in the next 8 years. The business plan of the entity envisages a focus on both tier-1 and tier-2 cities with project sizes in the range of 1.2mn to 5mn sq.ft.