With bankers staying away from lending, real estate developers are eyeing $10 billion in private equity funding to kick-start the investment cycle to augment funding for affordable housing projects, a thrust area of the government, a top industry official said.
“Under the current environment we do need private investment to provide housing for all by 2022. As banks are not lending, the sector needs private equity funding to the tune of $10 billion a year to kick-start the momentum and to respond to the new opportunities arising out of affordable housing,” said Niranjan Hiranandani, President, NAREDCO Maharashtra.
He said large part of the private equity funds will be sourced from abroad mainly the U.S., Canada and Europe. “We are eyeing investment from pension funds from Canada and Europe.” he added.
NAREDCO, the national real estate body is organising Real Estate & Infrastructure Investors’ Summit (REIIS) 2017 in Mumbai next week to showcase various opportunities in the sector and to attract domestic & foreign investors.