IL&FS forays into residential real estate market

IL&FS Group said it has forayed into residential real estate segment with its affordable smart homes project in GIFT City, Gandhinagar through the company's subsidiary IL&FS Townships & Urban Assets. In a statement, IL&FS said it will offer affordable smart homes to meet the aspirations of the low and mid-income segment population of the country. "With a target of developing 10,000 homes in the next 5 years, the Group will be scouting for joint venture and public private partnership (PPP) opportunities in the identified micro-markets, having potential of mass housing developments. "IL&FS has already secured requisite approvals for launching smart homes project in GIFT city in Ahmedabad and is in advance stage of finalisation of land parcels in Chennai, Hyderabad, Alwar and Bengaluru," the statement said. "Formalisation of housing presents a huge opportunity for private players in India. We have put together a plan for affordable residences that address the need for housing by keeping in mind the limited ability of people to pay, individual aspirations for a better lifestyle and potential avenues for livelihood within the ecosystem," Hari Sankaran Vice Chairman IL&FS Group said. The company said it will also be leveraging its capabilities in multi domain infrastructure to provide low cost affordable housing with improved services.