Janaadhar plans to deploy the funds for development of an affordable housing project near Ahmedabad and in also establishing a precast plant.
Reall is funded by the UK’s Foreign and Commonwealth and Development Office (FCDO), and the Swedish International Development Agency (SIDA). They have been at the forefront of affordable housing for over 30 years impacting over 3.5 million people across Africa and Asia. This will be Reall’s first partnership with a developer delivering affordable housing at scale in India.
Janaadhar aims to fill the shortage of 10 million units in affordable housing development through high quality, spatially efficient houses for low-income families in India.
Currently, Janaadhar is well on its way to undertake development of over 2,000 affordable homes in Karnataka, Gujarat, Rajasthan, and Maharashtra, the firm said in a press release.
“This fresh infusion of capital will play a very catalytic role in delivering homes for the EWS/LIG segments while also crowding in other sources of capital. Reall’s deep expertise in affordable housing will allow us to access innovative solutions through their vast networks globally.” said Ragunath Srinivasan, Executive Director of Janaadhar.
“We believe Janaadhar is at the forefront of driving change in India through quality affordable housing that is increasingly green and demonstrates the commercial viability of delivering housing solutions to those in the bottom 40 per cent of the income pyramid who make up the majority of the population,” said Emma Ahmed, Head of Asia Operations at Reall.
