World Bank’s IFC, Sunteck form platform for green urban housing, to invest Rs 750 cr
India, the World Bank member IFC and realty developer Sunteck Realty are partnering to create a joint platform to promote the development of 12,000 housing units with a total investment of up to Rs 750 crore.
These houses will be developed across four to six green housing projects within the country’s commercial capital Mumbai Metropolitan Region (MMR).
Of the total investment into this joint platform, IFC's proposed investment will be up to Rs 330 crore with the remainder to be brought in by Sunteck Realty.
«This investment aligns with our strategy to create more inclusive and equitable cities by backing affordable and eco-friendly housing through partnerships with established companies like Sunteck Realty,” said Wendy Werner, IFC Country Head, India.
According to him, 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.
»We are pleased to collaborate with IFC in our shared goal of addressing the housing shortage in India. Our wide range of offerings provide high quality amenities and enhanced lifestyle for all the segments of the population,” said Kamal Khetan, CMD, Sunteck Realty.
According to Khetan, this strategic partnership demonstrates the company's capability to develop high quality large-scale housing projects in the MMR and aligns with its vision of sustainable and green housing solutions.
With a population exceeding 2.2 crore, the Mumbai region is India's largest and most active housing market, grappling with a significant housing deficit.
