The well-known infrastructural developers IL&FS are coming forward to build affordable homes under the PMAY Scheme. These two companies are collaborating in order to construct homes under the PPP (Private-Public-Partnership) model in the country.
The joint venture of IL&FS will build these housing projects in Hyderabad, Chennai and Ahmedabad respectively. These residential complexes will offer budget-friendly homes along with modern amenities and financial support for the creation of jobs.
According to a source, the company will deliver the first set of Smart homes in the GIFT City of Gujarat. The company is looking forward to build 1,000 such homes by 2020 and is targeting to deliver 1 million homes in the span of next ten years. The company has started the construction of smart homes on the 40 acres of land that is allocated to them in the GIFT city, Hyderabad and Chennai respectively.
The capital funding for each of these projects is likely to increase the budget of 125 crores and thus the company is likely to use the construction finance and funds via private equity firms. The gap of 18 million urban homes in all tiers 1, 2 and 3 in the country is the reason that the realtors are moving towards building affordable homes.