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IFC, the International Finance Corporation, a member of the World Bank Group, has entered into a strategic partnership with Sunteck Realty to establish a joint platform with a substantial investment commitment of up to Rs 750 crore (approximately US$90 million). This collaboration aims to foster the development of nearly 12,000 housing units across four to six green housing projects situated within the Mumbai Metropolitan Region (MMR).
IFC's contribution to this endeavour is proposed to be up to Rs 330 crore (approximately US$40 million), while Sunteck Realty will provide the remaining funds required to achieve this ambitious goal.
The primary objective of this partnership is to spearhead the creation of large-scale housing projects strategically located in the extended suburbs of Mumbai. These housing developments are specifically designed to cater to the mid-income demographic segment, thereby addressing the pressing need for affordable and sustainable urban housing solutions in India.
One of the core objectives of this ambitious project is to enhance the sustainability and environmental performance of the housing developments under its purview. To achieve this, the partnership intends to reduce water and energy consumption in these housing projects by a minimum of 20%. This will be accomplished by adhering to IFC's EDGE (Excellence in Design for Greater Efficiencies) green building certification standards. The EDGE certification emphasizes efficient resource usage and sustainable design principles, aligning perfectly with the project's green housing focus.
IFC has a substantial track record of supporting India's housing sector. Since 2013, it has invested over $2.5 billion in various housing finance companies and developers across the country. This experience and financial commitment underscore IFC's dedication to addressing India's housing needs and fostering sustainable urban development.
In summary, the collaboration between IFC and Sunteck Realty represents a significant step towards expanding green urban housing in the Mumbai Metropolitan Region. With an investment commitment of up to Rs 750 crore, this partnership aims to develop thousands of eco-friendly housing units to serve the mid-income demographic. By adhering to IFC's green building certification standards, the project emphasizes sustainability and aims to reduce water and energy consumption by at least 20%. This initiative underscores the importance of affordable, eco-friendly housing in India's urban development landscape and reflects IFC's ongoing commitment to supporting such endeavours.
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