Real estate firm Puravankara Projects Ltd has informed that it will invest Rs 8000 crore for its foray into affordable housing through its unit, Provident Housing and Infrastructure Limited.

The arm plans to build 64,500 affordable homes during Phase I, which will cover Bangalore, Chennai, Hyderabad, Coimbatore, and Mysore.

The company will develop 59.8 million sq ft in first phase over next five years.

According to the company, the construction of the projects is expected to cost Rs 6500 crore, which will be funded through internal accruals, debt and sales advances. While, the land acquisition, costing Rs 1500 crore will come through private equity funding and internal accruals.

The new company will be launched in next three months.