IL&FS enters real estate; launches three projects

A renowned name in infrastructure development and financial services, IL&FS, has entered into affordable housing business and announced three projects in Hyderabad, Chennai and Ahmedabad. In this connection, it has set up a separate subsidiary called IL&FS Townships and Urban Assets to undertake the realty business, said vice chairman & managing director, Hari Sankaran, adding that in addition to executing projects independently, IL&FS Townships and Urban Assets will be forming joint ventures and participate in public-private partnership projects initiated by the government in which it will be focusing on building affordable residences, economic activity to support job generation and livelihood around the project‘s location and also providing services to upgrade lifestyle. Formalization of housing presents a huge opportunity for private players in India and has put in place a plan for affordable residences that addresses the need for housing by keeping in mind the limited ability to pay, individual aspirations for a better lifestyle and potential avenues for livelihood within the ecosystem. IL&FS will be launching its first smart homes project in GIFT City, Gandhinagar, Gujarat, and the company is looking to build 1,000 such homes in the first phase of development by 2020, and thereafter rapidly expand the scale and size of the model across the country.