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The International Finance Corporation (IFC), a member of the World Bank Group, will invest $25 million (₹160 crore) alongside Tata Value Homes (TVH), a subsidiary of Tata Housing, to finance affordable housing projects for low-income households across India. The project will help bridge the country’s significant housing deficit.
IFC’s investment will provide TVH long-term capital to develop about 16,800 homes over the next 10 years.
“Our partnership with IFC will help increase availability of affordable, value housing in India,” Brotin Banerjee, CEO and MD, Tata Housing, said in a statement.
Over the past few years, Tata Housing had delivered over 5,000 apartments in the price range of ₹5 lakh to ₹30 lakh across various townships. “This partnership will help us become India’s largest home provider in the value and affordable housing segment by 2018-19,” he added.
There is an estimated shortage of over 19 million housing units, primarily in underserved urban areas. Vipul Prakash, IFC’s Director, Global Corporate Coverage, said: “IFC’s investment is the first step towards a longer-term partnership to facilitate the development of affordable housing in India and other emerging markets.”
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