The founder of real estate developer ATS Infrastructure Ltd. launched a new venture to develop mid-income and affordable housing projects in India with investments worth 20 billion Indian rupees planned over the next five years, India's Mint reported.

The HomeKraft venture intends to develop roughly 6,500 units.

Getamber Anand said the company would begin projects in the national capital region and then expand across the country, according to the March 21 report. Anand said the company has signed joint development deals with land owners for four projects spanning 10 million square feet.

HomeKraft CEO Prasoon Chauhan said the company's roughly 20 billion-rupee investments on construction would be funded via internal accruals, debt and private equity funds, according to the report.

As of March 21, US$1 was equivalent to 65.20 Indian rupees.