IFC, & Sunteck Realty create a joint platform for investing

IFC, a member of the World Bank, has joined forces with Sunteck Realty to establish a collaborative platform with a total investment potential of up to Rs 750 crore (equivalent to US$90 million). This partnership aims to facilitate the development of nearly 12,000 housing units across four to six green housing projects located within the Mumbai Metropolitan Region (MMR). IFC is set to contribute up to Rs 330 crore (approximately US$40 million), while the remaining funding will be provided by Sunteck Realty. The primary objective of this partnership is to embark on large-scale housing projects situated in the extended suburbs of Mumbai city, with a particular focus on catering to the mid-income demographic. Kamal Khetan, Chairman and Managing Director (CMD) of Sunteck Realty, expressed satisfaction with the collaboration, emphasizing their shared commitment to addressing India's housing shortage. Wendy Werner, IFC's Country Head for India, highlighted the alignment of this investment with their strategy to foster more inclusive and sustainable urban development. She emphasized their dedication to supporting affordable and eco-friendly housing initiatives through partnerships with esteemed organizations like Sunteck Realty. In summary, IFC and Sunteck Realty have formed a strategic partnership with substantial investment potential to drive the development of environmentally-friendly housing projects, addressing the housing needs of the mid-income segment in the Mumbai Metropolitan Region.