Asian infra investor Equis Funds Group has invested Rs 720 crore, or $116 million, in property developer Assetz, which plans to build a string of mid-income housing townships in the country over the next five years.
Bengaluru-based Assetz plans to develop mid-income housing of around 20 million sqft and the funds will be deployed for building captive infrastructure for these large township projects. The investment by Singapore-based Equis, which manages assets worth over $2.7 billion in infrastructure and real estate sectors, is among the biggest private equity deals to chase the India's housing market in recent years.
Assetz Group CEO Ben Salmon said the mid-income housing venture would kick off plans with three projects, catering to households with annual incomes of Rs 5-15 lakh in Bengaluru. The city has one of the highest urban housing absorption rates in the country, with approximately 42,000 units getting absorbed in 2014.
India's residential developers are likely to shift focus on to middle class housing as the world's fastest growing economy also carries with it one of the fastest urbanizing population. The Narendra Modi-led NDA plans to boost the supply of affordable urban dwellings, which is running short of 19 million units currently . PM Modi's much-talked about election promises include housing for all by 2022.
“Our strategic alliance with Assetz will enable us to address some of the challenges of providing infrastructure for accommodating middle class housing for the urbanizing population in the fast growing and rapidly transforming Indian environment,“ said Equis Funds Group CEO David Russell.
I’ve been a sports person, and also captained my throwball and volleyball teams. I understand the importance of extracurricular activities in our growing up years.
Trainings provide a child with the required discipline when working within teams as well as gives one the chance to follow what makes you happy. It also enables an overall development!
Dance has been my passion since I was a child and I have been thrilled to see both my little ones have this in their genes too.
This opportunity really came to my doorstep through Gera. My daughters Lavanya and Diya have had an enthralling experience being a part of not just one but three Academies (The Shiamak Davar Dan..
I cannot thank you enough for making our journey with Gera so so interesting and mind-blowing. I had never ever imagined my life taking a beautiful turn with me beginning to start my career as a music teacher that too with SMA (Shankar Mahadevan Academy) and all this has been possible only because of GERA and YOU my dear.
It is only because of your efforts and kind gesture that I could meet the man himself (Shankar Ji) and have a small recording session with him. That was like a dream come true.
I am super excited to start my journey with SMA and Gera as a teacher now.
Apart from that, Me and Prateek have always been grateful to you for making Shiamak happen for us and I ..
It was indeed a pleasure being a part of the Christmas celebrations at Astoria. Kudos to the Gera team for bringing in such a wonderful event with great carol singing participation from our own kids. It brought in the spirit of Christmas and the games, Santa, the gifts only added to it. Thanks for organising such a wonderful event which helped in community building...looking forward to many more such celebrations!..
The Christmas event organised at Astoria was a big success and a big step in bridging the gap between us and Gera. It was a memorable event as we are still in the beginning of our journey of life in our little home at Astoria. The kids have been the happiest of all and what more can we ask for when we see smiles on the faces of our little ones. Kudos to you and your team for making this event a huge success! Looking forward to many more in the years to come...
The Christmas party organised by Gera at Astoria this year was a great success with good participation from kids and parents. Our children Sia and Saish enjoyed the party to the fullest. Sia, in particular, had a gala time and reiterated her stand that Anita aunty's parties are THE BEST.... We as your customers take much pride in informing our friends that such goodwill gestures are one of the many differentiators Gera brings to us, which no other builder in Goa can boast of. Many thanks to you and your team for doing an excellent job in putting up this event. We look forward to the next one! A big thanks to the Gera Management for its efforts in community building...