Brick Eagle to raise $100 million for affordable housing

MUMBAI: Private equity firm Brick Eagle Capital Advisory today said it plans to raise $ 100 million for investing in land parcels which will be used to develop affordable housing projects.

The funds would be routed through Brick Eagle's Singapore fund, a statement said.

"Working towards our vision of delivering a million housing units by 2030, we plan to tie up close to 1,000 acres of lands this year. These land parcels will be developed to house over 70,000 families in the next 5-7 years," company's chief executive officer Rajesh Krishnan said.

Brick Eagle already has a pipeline of land and has partnered with developers with strong execution track record.

"Mumbai remains key focus area for our investments in 2014. The city currently needs over 2.5 million affordable homes and we hope to address at least one per cent of this demand through our investments," he added.

Brick Eagle currently manages over 30 million sqft of affordable housing projects, which are at various stages of development.