LIC all set to venture into Real Estate
Life Insurance Corporation of India (LIC), is all set to foray into the real estate market in India. The move is set to tap into the possibilities and opportunities in the growing impetus of the real estate sector. For this the LIC Housing Finance Ltd (LICHF), a the subsidiary of LIC has announced that it will launch a Rs. 500-750 crore in its bid to venture into the real estate market. The capital will be generated by the subsidiary LIC Housing Finance Asset Management Co. Chief executive officer of LIC Mr V.K. Sharma has said that capital will be sought from banks, individuals with a high net-worth and other domestic institutions. However the venture for now will be limited to urban real estate sectors.
LIC Housing Finance Ltd has already announced that it will soon start low-priced housing projects. The clientèle aimed for these projects are the senior citizens. The project has already started in Bhubaneshwar, and the construction of similar project is all set to hit the floors in Bangalore. The price range of these affordable houses will be around Rs. 6 to 8 lakhs. The land acquisitions for the projects have already been done in Bangalore and Jaipur. The company plans to set up such apartments in all the state capitals across India.
Source: Indian Realty News
Banks, Capital, India, LIC Housing Finance Asset Management Co, LIC Housing Finance Ltd, Life Insurance Corporation of India, Low-priced housing projects, Real-estate market, Subsidiary, Urban real estate sectors
