New affordable housing projects will soon launch across the nation. The Shapoorji Pallonji Group has partnered with Standard Chartered Private Equity, World Bank Group member IFC and the Asian Development Bank. The purpose behind this partnership is to construct affordable housing project across the nation. The entrepreneurs would invest about Rs 1,250 ($200 million) in affordable housing.
Currently, the Group is constructing one of largest affordable housing project of Asia in Rajarhat, Kolkata. According to the source, the project is constructed with 20,000 apartments out of which 7,500 apartments are completed.
The land searching team of the venture is looking for the quality land across the nation including cities like Mumbai, Pune, NCR, Chennai, Kolkata, Bengalore and Ahmedabad to construct affordable housing on about 20 million square feet area in the next eight years.
The group would construct these projects in tier-1 and tier-2 cities with the project size of 1.2 million to 5 million square feet. For above construction there would be a dedicated team to build the business plan and they will launch these projects under a new brand.
The majority of units in the development will be 1 BHK apartments of 500-600 square feet and 2 BHK apartments of 800-900 square feet, which will be available at the price range of 15 lakhs to 20 lakhs per unit.
An official of Shapoorji Pallonji Group said that “Through this venture we are also privileged to meaningfully contribute to the Prime Minister’s vision of providing 20 million houses by 2019.”
With the aim to provide houses for all by 2022, India’s Prime Minister Narendra Modi launched the Pradhan Mantri Awas Yojna to provide houses to Economical Weaker Section and Lower Income Group of the society and the government is planning on this projects.