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Brick Eagle, a financial services platform for affordable housing development in India, on Wednesday announced acquisition of 49 per cent stake in Ahmedabad-based affordable housing developer DBS. However, financial details of the transaction were not revealed.
DBS, under its flagship brand 'Umang', has delivered 2,716 homes since its inception in 2010 and expects to deliver another 1,825 units this year, the company informed.
Sanjay Shah, Founder of DBS said, "With Brick Eagle’s support, we are looking to build capacity and deliver over 10,000 homes a year by 2019."
Rajesh Krishnan, Founder & CEO, Brick Eagle Group said, "We are looking to back credible affordable developers across the country that has the potential to emerge as leaders in the industry. We foresee DBS becoming one of the top 5 affordable housing players in India within the next 10 years."
Brick Eagle currently manages over 1,250 acres of land under affordable housing development across Mumbai, Pune, Chennai and Coimbatore. Brick Eagle estimates affordable housing as a $100 billion market opportunity.
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