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

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

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."

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.

Next Story
Infrastructure Urban

Afcons shares gain momentum with Bhopal Metro Line 2 project

Afcons Infrastructure made a quiet debut on the stock market on Monday but quickly gained momentum after emerging as the lowest bidder for the Bhopal metro project line 2 package.The Bhopal Metro Phase 1 project’s 12.915 km Blue Line (Line-2) will link Bhadbhada Chauraha and Ratnagiri Tiraha, spanning 13 elevated stations. This package, issued by the Madhya Pradesh Metro Rail Corporation (MPMRCL), involves constructing all 13 stations of the Blue Line’s viaduct. The depot will also be shared with the Orange Line (Karond Circle to AIIMS) for maintenance and stabling purposes.Afcons’ exten..

Next Story
Infrastructure Transport

Locals urge CM to opt for road bypass over flyover at Dandeavaddo

Chinchinim villagers respectfully requested Pramod Sawant, Chief Minister, to instruct the Public Works Department (PWD) and the National Highway authorities to construct a road bypass instead of a flyover on the Dandeavaddo stretch of NH66. The villagers, led by Sarpanch Frank Viegas and Velim MLA Cruz Silva, also raised the long-standing issue of building the Chinchinim Panchayat Ghar and a multi-purpose project on panchayat land that was acquired more than 15 years ago. The delegation met the Chief Minister at the St. Sebastian Chapel junction in Chinchinim as he was returning home from a..

Next Story
Infrastructure Transport

MLA Yashpal Suvarna Announces Malpe-Udupi Highway Construction from Nov 6

MLA Yashpal Suvarna instructed officials to commence work on the Malpe-Udupi Highway on Wednesday. A meeting took place, attended by MP Kota Shrinivas Poojary, Udupi MLA Yashpal Suvarna, and Kaup MLA Suresh Shetty Gurme, to discuss the National Highway 169A project, which spans from Malpe to Udupi, covering areas like Hiriyadka, Parkala, and Perdur. The project had experienced delays due to incomplete land acquisition, but compensation notices have now been issued to the landowners. Of the 214 land acquisition files, 19 pertain to government land, while 195 involve private owners. Notices ha..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000