The IL&FS Group has officially ventured into India’s residential real estate market. The Group will be developing highly affordable smart houses for buyers via the IL&FS Townships & Urban Assets subsidiary. The first project is situated strategically at GIFT City in Gandhinagar. The Group will aim at offering affordable homes to customers and wishes to meet the growing aspirations of the mid-income and low-income segments in India with its real estate projects.
The Group has targeted development of 10, 000 housing units over a period of 5 years and will also be looking for strategic joint ventures to accomplish the same. It is also considering public-private partnerships (PPP) based growth opportunities in micro markets which have already been established as possessing sizeable potential for mass housing ventures.
IL&FS Group has already obtained all the necessary approvals for launching its range of smart homes at GIFT City and is already close towards finalizing deals for major land parcels located in Alwar, Chennai, Bangalore and Hyderabad according to reports. Housing formalization will be a major growth opportunity for private real estate companies in the country as per the vision of the Group. As a result, it will aim to offer homes which are highly affordable and yet take care of aspirations of buyers.
The pricing will be in line with buyer capabilities and yet there will be generation of multiple employment and livelihood opportunities with these projects as well. The IL&FS Group is also lining up investments across tapping its overall capabilities with regard to the creation of infrastructure across multiple domains. This will come in handy for offering affordable and low cost housing without compromising on amenities and overall services that are offered to buyers. The Group is expected to announce more affordable housing projects in other Indian cities soon.