Infrastructure Finance · PPP

Structuring $400M of Housing Finance to Financial Close, and into National Policy

Designing the financing architecture, and raising the institutional lending, that scales India's flagship affordable-housing mission toward building homes for 10 million families.

Role
Vice President, EY
Client
State Urban Development Agency (SUDA), Chhattisgarh
Period
2019 – 2024
Location
India

The challenge

India's Pradhan Mantri Awas Yojana (PMAY) is one of the largest affordable-housing programs in the world. As the mission plans to move into its second phase, PMAY 2.0, a central question remained unsolved: how do states finance their share of a mission this large, sustainably and at speed? Without a robust financing model, targets stay on paper.

My role and approach

As Vice President at EY leading the engagement with a state government, I designed a $400M affordable-housing finance model built around how state governments actually raise, deploy, and repay capital. The model drew directly on hard-won experience: in Chhattisgarh I had earlier led the preparation of the EOI that raised INR 2,532 crore (~US$298 million)* and INR 825 crore (~US$97 million)* in institutional lending as state share for PMAY, taking it through bid management, lender negotiation, and financial closure to first and second tranche disbursement.

  • Structured the financing framework connecting state budgets, institutional lenders, and mission funds
  • Grounded the model in real procurement and disbursement cycles rather than theoretical cash flows
  • Worked with national mission stakeholders to translate the model into implementable guidelines
  • Separately originated the state's first-ever Asian Development Bank engagement in the urban sector, securing a technical assistance grant and an MoU for long-term concessional infrastructure financing

The impact

The model was adopted into India's PMAY 2.0 National Mission Guidelines, becoming part of the financing playbook for a mission scaling toward housing for 10 million families. Earlier in the same program lineage, my standardized tender documents in Chhattisgarh enabled bids for 26,725 houses worth INR 1,242 crore (~US$146 million)*, and the state award framework I built ("Mor Pradarshan Mor Samman") accelerated mission delivery across all urban local bodies.

* USD figures are indicative conversions at ₹85 = US$1.

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