Sunteck Realty and IFC have set up a joint platform to invest up to Rs 750 crore to develop 4-6 affordable housing projects in Mumbai Metropolitan Region (MMR).
The partnership will focus around the development of large-scale housing projects in the extended suburbs of Mumbai city to cater to the mid-income demographic.
Sunteck Realty and IFC have set up a joint platform to invest up to Rs 750 crore to develop 4-6 affordable housing projects in Mumbai Metropolitan Region (MMR).
IFC, a member of the World Bank, is the largest global development institution focused on the private sector in emerging markets.
In a regulatory filing late on Thursday, Sunteck Realty informed that it has partnered with IFC to "create a joint platform with a total investment of up to Rs 750 crore (USD 90 million)".
The investment will be towards development of nearly 12,000 housing units across 4-6 green housing projects within the MMR.
IFC will invest up to Rs 330 crore (USD 40 million), while the remaining investment will be by Sunteck Realty.
The partnership will focus around the development of 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.