IFC, EAF to invest Rs 556 cr in Puravankara’s housing project
Emerging Asia Fund (EAF) and the International Finance Corporation (IFC) will invest $76 million (approximately Rs 556 crore) in provident, the residential project of the Puravankara’s affordable housing arm. On Thursday, the Bengaluru-based developer announced that the investment would cover four housing projects in Bengaluru and Kochi.
With a saleable area of 4.5 million sq. ft., the two projects in Bangalore and Kochi will see the development of around 4,000 housing units in the next five to seven years. The other two projects will be announced in 2021.
EAF and IFC will invest in the Special Purpose Vehicles (SPV) set up by Puravankara. IFC will invest around Rs 240 crore (around $33 million), and the investment will be matched by the EAF, bringing the total up to $66 million. The rest of the amount (approximately $10 million) will be taken as a loan from the IFC.