Puravankara Ltd is looking to set up two funds worth a total of up to 40.00 billion Indian rupees to focus on affordable housing projects and commercial rental properties, Livemint.com reported, citing company executives.

The India-listed real estate company is in an "advanced stage" of talks with institutional investors to create the funds within the next two quarters, the newswire said, citing CFO Kuldeep Chawla.

Managing Director Ashish Puravankara said the company plans to build roughly 8 million square feet of office space over the next five years in the Indian cities of Bengaluru, Chennai, Hyderabad, Pune and Mumbai.

Puravankara has a pipeline of roughly 15 million square feet of residential space for the next year, of which 10 million square feet are earmarked for affordable housing space, according to the Feb. 26 report.

As of Feb. 23, US$1 was equivalent to 64.90 Indian rupees.