IFC, a member of the World Bank Group, will invest $25 million alongside Tata Value Homes, a 100 percent 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 Tata Value Homes with long-term capital to develop about 16,800 homes over the next ten years.
“Our partnership with IFC will help increase availability of affordable, value housing in India,” said Brotin Banerjee, CEO and MD, Tata Housing. “Tata Value Homes believes that owning a home is often a catalyst for people to improve their lives. Over the past few years, we have delivered over 5,000 apartments in the price range of $8,000 to $50,000 (Indian rupees 500,000 to 3 million) across various townships. This partnership with IFC will help us become India’s largest home provider in the value and affordable housing segment by 2018-19.”
Housing is a basic human need. Yet, lack of adequate housing is a major challenge facing emerging markets today. In India, urbanization, the increasing number of nuclear families, and rising incomes are boosting demand for housing. There is an estimated shortage of more than 19 million housing units, primarily in underserved urban areas.
“Tata Value Homes will help lower and middle-income households and young professionals in urban and semi-urban areas access quality, affordable housing,” said Vipul Prakash, IFC’s Director, Global Corporate Coverage. “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.”
About Tata Value Homes Limited
Tata Value Homes Limited is 100 percent subsidiary of Tata Housing Development Company Limited, established in 2010 to exclusively focus on value and affordable housing. TVHL’s vision is to be the largest home provider in India. Tata Value Homes has introduced two pan-India brands – Shubh Griha (Value Homes) and New Haven (Affordable Homes). Tata Value Homes is also developing a Mediterranean themed project Santorini, near Chennai, and La Montana near Talegaon, Pune. Shubh Griha is being developed in Boisar near Mumbai and Ahmedabad, and New Haven is being developed at Boisar, Ahmedabad, and Bengaluru. Tata Value Homes also has projects in Kolkata.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development.
“Our partnership with IFC will help increase availability of affordable, value housing in India,” said Brotin Banerjee, CEO and MD, Tata Housing. “Tata Value Homes believes that owning a home is often a catalyst for people to improve their lives. Over the past few years, we have delivered over 5,000 apartments in the price range of $8,000 to $50,000 (Indian rupees 500,000 to 3 million) across various townships. This partnership with IFC will help us become India’s largest home provider in the value and affordable housing segment by 2018-19.”
Housing is a basic human need. Yet, lack of adequate housing is a major challenge facing emerging markets today. In India, urbanization, the increasing number of nuclear families, and rising incomes are boosting demand for housing. There is an estimated shortage of more than 19 million housing units, primarily in underserved urban areas.
“Tata Value Homes will help lower and middle-income households and young professionals in urban and semi-urban areas access quality, affordable housing,” said Vipul Prakash, IFC’s Director, Global Corporate Coverage. “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.”
About Tata Value Homes Limited
Tata Value Homes Limited is 100 percent subsidiary of Tata Housing Development Company Limited, established in 2010 to exclusively focus on value and affordable housing. TVHL’s vision is to be the largest home provider in India. Tata Value Homes has introduced two pan-India brands – Shubh Griha (Value Homes) and New Haven (Affordable Homes). Tata Value Homes is also developing a Mediterranean themed project Santorini, near Chennai, and La Montana near Talegaon, Pune. Shubh Griha is being developed in Boisar near Mumbai and Ahmedabad, and New Haven is being developed at Boisar, Ahmedabad, and Bengaluru. Tata Value Homes also has projects in Kolkata.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development.
Source - Times oF India
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