IFC, Sunteck Realty partner for Rs 7.5 bn eco-housing initiative

22 Sep 2023 CW Team

The International Finance Corporation (IFC) is teaming up with Sunteck Realty, a construction firm based in Mumbai, to establish a collaborative platform with investments of up to Rs 7.5 billion. Their goal is to develop approximately 12,000 high-quality housing units spread across four to six eco-friendly housing projects within the Mumbai Metropolitan Region (MMR) in Maharashtra, India.

IFC's proposed investment in this venture amounts to Rs 3.3 billion ($40 million), while Sunteck Realty will contribute the remaining funds. The MMR, with a population exceeding 22 million, stands as India's largest and most active housing market, grappling with a substantial housing shortfall.

The IFC-Sunteck joint venture is centered on creating large-scale housing projects in the outskirts of Mumbai city to cater to the mid-income demographic.

Kamal Khetan, CMD of Sunteck Realty, expressed enthusiasm about the partnership, stating, "We are delighted to collaborate with IFC in our shared mission to address India's housing shortage. Our diverse range of offerings provides top-notch amenities and an enhanced lifestyle for people across all segments of the population. This strategic partnership underscores our ability to develop high-quality, large-scale housing projects in the MMR and aligns perfectly with our vision of sustainable and eco-friendly housing solutions."

Wendy Werner, IFC Country Head, India, noted, "This investment aligns with our strategy to foster more inclusive and equitable cities by supporting affordable and environmentally friendly housing through partnerships with reputable firms like Sunteck Realty. It also bolsters the Government of India's 'Housing for All' initiative, delivering essential societal benefits such as shelter, safety, employment opportunities, wealth creation, and improved access to credit."

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