IFC, Sunteck Realty commit $90m to boost green housing in Maharashtra
In a momentous move to mitigate the pressing shortage of affordable and mid-income housing in Maharashtra, two major players, IFC and Sunteck Realty, are joining hands. They are injecting a robust investment of up to INR 7,500 million (US$90 million) to spur the creation of nearly 12,000 state-of-the-art housing units. These units will span across four to six sustainable housing projects in the Mumbai Metropolitan Region (MMR), Maharashtra’s pulsating heart.
India’s most bustling housing market, the MMR, houses an impressive 22 million individuals and is confronting a vast housing shortfall. Answering this call, the IFC-Sunteck partnership pivots on pioneering expansive housing ventures in Mumbai’s sprawling suburbs, specifically targeting the mid-income populace. Sunteck Realty, an established name across various market niches, zeroes in predominantly on this demographic.
Emphasizing the significance of this coalition, Kamal Khetan, CMD of Sunteck Realty, remarked, “Our alliance with IFC amplifies our commitment to bridging the housing gap in India. Sunteck Realty has always been at the forefront in delivering quality amenities across all segments. This venture symbolizes our prowess in shaping large-scale housing projects in MMR and resonates with our ethos of eco-friendly, sustainable housing.”
Echoing this sentiment, Wendy Werner, IFC Country Head, India, added, “Our investment underscores our mission to sculpt inclusive urban landscapes via affordable and green housing. Collaborating with esteemed firms like Sunteck Realty not only propels India’s ‘Housing for All’ vision but also promotes safety, employment, wealth, and increased credit accessibility.”
In a country where housing accounts for a significant chunk of electricity consumption and carbon emissions, this initiative is a beacon of sustainability. The project, anchored in IFC’s EDGE green building certification, aspires to slash energy and water consumption by a minimum of 20%. Amidst India’s surging energy demands and looming water crises, these resource-efficient homes aim to curtail both financial burdens and ecological footprints.
Highlighting IFC’s unwavering commitment to India, since 2013, the corporation has pumped over $2.5 billion into housing finance entities and developers. A whopping $1.49 billion of this has been in just the past five years, earmarked for aiding retail purchasers of affordable housing and trailblazers of sustainable housing in the nation.