Rs 84-lakh-crore housing bonanza attracts Piramal loan bet

Piramal Enterprises leads gains on S&P BSE 200 this quarter

Indian billionaire Ajay Piramal wants to sell mortgages and build affordable homes as the drugs-to-data conglomerate seeks to ride an estimated Rs 84-lakh-crore ($1.3-trillion) housing-investment boom.

Prime Minister Narendra Modi's government is putting a "huge emphasis" on affordable housing to drive job creation and economic growth, said Piramal, chairman of Piramal Enterprises Ltd, in an interview. "We'll ride this wave," he said, pointing to the company's ties with developers across cities and its deep pockets.

Closely-held Piramal Realty Pvt Ltd is considering affordable housing projects, while the listed Piramal Enterprises is awaiting a licence to offer loans to home buyers, he said.