In order to develop 4-6 affordable housing projects in the Mumbai Metropolitan Region (MMR), Sunteck Realty and IFC have established a joint platform to receive investments of up to Rs 750 crore. The largest international development organization with a focus on the private sector in emerging markets is IFC, a subsidiary of the World Bank.
Sunteck Realty disclosed its partnership with IFC to “create a joint platform with a total investment of up to Rs 750 crore (USD 90 million)” in a regulatory filing late on Thursday. Within the MMR, the investment will be used to build close to 12,000 housing units across 4-6 green housing projects.
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 Suntech 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.