IFC, Sunteck Realty create joint platform investing up to Rs 750 crore to expand green urban housing, ET RealEstate

September 22, 2023

NEW DELHI: IFC, a member of the World Bank, and Sunteck Realty have partnered to create a joint platform with a total investment of up to Rs 750 crore (US$90 million) to promote the development of nearly 12,000 housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR).

IFC’s proposed investment is for up to Rs 330 crore (US$40 million), with the remainder to be brought in by Sunteck Realty.

The partnership plans to develop large-scale housing projects in the extended suburbs of Mumbai city to cater to the mid-income demographic.

“We are pleased to collaborate with IFC in our shared goal of addressing the housing shortage in India,” said Kamal Khetan, CMD of 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 reputed companies like Sunteck Realty,” said Wendy Werner, IFC country head, India.

The project aims to cut water and energy use of the housing developments under the platform by at least 20% with IFC’s EDGE (Excellence in Design for Greater Efficiencies) green building certification.

Since 2013, IFC has invested over $2.5 billion in housing finance companies and developers in India.

  • Published On Sep 22, 2023 at 08:59 AM IST

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