IFC, EAF partner with Puravankara, to invest Rs 556 crore for developing affordable projects.

IFC, a member of the World Bank Group and IFC Emerging Asia Fund (EAF) have partnered with real estate player Puravankara Group to invest around Rs 556 crore to develop around four affordable housing projects under the 'Provident' brand.

IFC, together with EAF will invest up to INR 556 crore in the special purpose vehicles set up by Puravankara Group for developing the affordable housing projects with two each in Kochi and Bengaluru. The projects have a potential saleable area of 4.5 million sqft with nearly 4000 housing units to be built in the next 5-7 years.

IFC and EAF's partnership with Provident will allow for quick scaling-up of the company's vision to provide access to high-quality affordable housing across India, especially among first-time homebuyers, Puravankara Group Managing Director Ashish Puravankara said.

“This strategic partnership aims to address the growing demand for housing in India by providing customers with affordable quality homes. IFC's investment supplements Provident's own investments in both existing and new developments. Provident's use of pre-cast technology will see an acceleration in both time and superior quality homes. We hope this is the beginning of a long-term relationship with IFC,” he said.

Under the Provident brand, the company has launched over 20 million sqft across the cities of Bengaluru, Mangalore, Chennai, Coimbatore, Hyderabad and Goa of which close to 10 million sqft has been completed and delivered. Additionally, close to 8 million sqft is planned for new launches in the coming quarters.

Commenting on the partnership, IFC Country Head Jun Zhang said, “In a post COVID world, the housing sector can play a key role in India. Financing affordable and green housing can protect jobs, preserve livelihoods, and address climate change while restarting economies. We are happy to support a quality-driven company, and remain committed to helping build a more inclusive, sustainable, and resilient future for the country.”

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