Pirmal eyes $1.3-tr real estate boom

    Piramal group
    With the Prime Minister putting "huge emphasis" on affordable housing to drive job generation and achieving targeted economic growth, Piramal group has set its eyes to sell mortgages and build affordable homes opening up business avenues worth $1.3 trillion housing-investment boom, said chairman of Piramal Enterprises, in a media statement, adding that his the company ties up with developers across cities. It is considering affordable housing projects, while the listed Piramal Enterprises is awaiting a license to offer loans to home buyers as rising incomes and a government push to house the nation's billion-plus people will require 60 million new homes by 2024 and unleash investments of as much as $1.3 trillion over the next seven years, according to estimates by CLSA India Pvt. In view of this, it is looking at humongous growth in the housing finance segment, said Jignesh Shial, a Mumbai-based analyst with Quant Broking Pvt Ltd.
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