DLF, India's biggest real estate developer said it would invest Rs.15,000 crores over the next three years to develop various mid-income residential projects across the country in Rs.15.-40 lakh range, media reports.
DLF Home Developers Vice-President, A. Harikesh, reportedly said the company would be investing Rs.5,000 crores per annum over the next three years on mid-income housing projects, realizing the huge untapped demand in this category.
DLF's investment plans for affordable housing coincides with the announcement by public sector banks to boost the segment by cutting home loan interest rates, putting caps of 9.25% for Rs.5-20 lakhs and 8.5% for loans of up to Rs.5 lakhs.
Harikesh said internal accruals, advances against sales and capital raised through private equity would take care of the planned investment. DLF had raised Rs.1,675 crores as private equity in eight projects in November 2007.
DLF Home Developers, the wholly owned subsidiary of DLF, would construct around 40,000 units in themed-income category, sizes of which would vary between 1,000 sq.ft, he added.
DLF has already launched mid-income housing projects in Bangalore, Gurgaon, Hyderabad, Indore, Kochi, Kolkata and Pune.
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