IFC and its fund to invest $76 mn in Puravankara affordable housing

Two of the four projects being funded are planned in Kochi and Bengaluru, with saleable area of 4.5 mn sq ft. About 4,000 housing units will be built in next 5-7 seven years

World Bank group member IFC and IFC Emerging Asia Fund (EAF) have partnered with Bengaluru-based real estate player Puravankara to invest $76 million in the development of up to four residential projects under their affordable housing-focused ‘Provident’ brand. 

Two of the four projects are planned in Kochi and Bengaluru, with a saleable area of 4.5 million square feet. About 4,000 housing units will be built in the next 5-7 seven years, with other projects to be identified by 2021. 

“This strategic partnership aims to address the growing demand for housing in India by providing customers with affordable quality homes. IFC’s