The International Finance Corporation (IFC), a member of the World Bank, is joining forces with India-based real estate company Sunteck Realty to develop housing projects in Maharashtra, India.
As part of the collaboration, the parties will form a joint platform to build approximately 12,000 housing units.
The platform will see an overall investment of roughly Rs7.5bn ($90m) and will develop four to six green housing projects within the Mumbai Metropolitan Region (MMR).
The IFC will invest approximately Rs3.3bn of the total Rs7.5bn and Sunteck will invest the remaining amount.
The IFC-Sunteck partnership is focused on the construction of large-scale housing developments in Mumbai’s outlying suburbs for the mid-income demographic.
Sunteck chief managing director Kamal Khetan said: “Our wide range of offerings provide high-quality amenities and enhanced lifestyles for all the segments of the population.
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“This strategic partnership demonstrates our capability to develop high-quality large-scale housing projects in the MMR and aligns with our vision of sustainable and green housing solutions.”
With the IFC’s Excellence in Design for Greater Efficiencies green building certification, the partnership seeks to minimise the water and energy consumption of housing complexes under the platform by a minimum of 20%.
IFC India head Wendy Werner said: “This investment aligns with our strategy to create more inclusive and equitable cities by backing affordable and eco-friendly housing through partnerships with reputed companies like Sunteck Realty.
“It also supports the government of India’s ‘Housing for All’ initiative, delivering essential societal benefits including shelter, safety, job opportunities, wealth generation, and enhanced credit access.”