IFC is planning to invest more than $25 million in affordable housing projects with Tata Value Homes
Tata Housing Development Co with long term capital investment to develop the 16,800 housing units in next ten years
IFC, which is the member of World Bank Group, has recently entered into the agreement with none other than Tata Value Homes with an aim to invest more than Rs 160 crore or $25 million or housing projects for low-income households in all over the India.
As per agreement, now onwards for affordable housing projects IFC will provide 100 per cent subsidiary to the Tata Housing Development Co with long term capital investment to develop the 16,800 housing units in next ten years, as per the statement of company in press release.
As per the statement of Vipul Prakash, who is the Director for Global Corporate Coverage at IFC, Tata Value Homes is helping the lower as well as middle income groups and young professionals too in urban as well as in semi-urban area to access the quality lifestyle and affordable housing”. The more he added that its first step towards long terms investment plan to facilitate the infrastructural development for affordable housing in India and in other emerging real estate markets too. However; the now onwards the investment for new affordable housing projects will be undertaken by the Tata Value Homes. According to the Brotin Banerjee, CEO and MD of Tata Housing, the partnership with IFC will help the country to cater the demand of affordable housing as in past few years we have delivered more than 5000 flats in the price range of Rs 500,000 to Rs 30 lacs or $ 8,000 to $ 50,000 in all over the India under different residential projects. The patnership will help the company to become the largest home provider in India in terms of value and affordable housing sector by the end of 2018 and 2019.
Whereas; in India the urbanization is increasing due to the high number of nuclear families and rising income level ad lifestyle which are responsible for high demand for housing. As per the recent survey there is need of more than 19 million housing units.
Tata Value Homes was established in 2010 with a single aim to provide best value in affordable housing segment in all over the India and to this they have two well known brands such as; New Haven for best value homes and Shubh Griha for affordable housing. Apart from them some of the other ongoing residential projects are of Tata Value Homes are Shubh Griha at Boisar near Mumbai and Ahmedabad, whereas; New Haven is under development near at Boisar, Bengaluru and Ahmedabad
