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IFC, construction firm Sunteck set up JV for nearly 12K housing units

IFC's proposed investment is for up to Rs 330 crore ($40 million), with the remainder to be brought in by Sunteck Realty

Embassy is in the final lap of merging with Indiabulls Real Estate to create a large combined entity which will spearhead its residential ventures in the country.

Dev Chatterjee Mumbai

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International Finance Corporation (IFC) and Mumbai-based construction firm Sunteck Realty are partnering to create a joint platform with an investment up to Rs 750 crore for developing nearly 12,000 high-quality housing units across four-six green housing projects within the Mumbai Metropolitan Region (MMR) in Maharashtra. 

IFC’s proposed investment is for up to Rs 330 crore ($40 million), with the remainder to be brought in by Sunteck Realty.  With a population exceeding 22 million, the MMR is India’s largest and most active housing market grappling with a significant housing deficit.

The IFC-Sunteck JV centered around the development of large-scale housing projects in the extended suburbs of Mumbai city to cater to the mid-income demographic.
 
"We are pleased to collaborate with IFC in our shared goal of addressing the housing shortage in India,” said  Kamal Khetan, CMD of Sunteck Realty. “Our wide range of offerings provide high quality amenities and enhanced lifestyle for all the segments of the population. This strategic partnership demonstrates our capability to develop high quality large-scale housing projects in the MMR and aligns with our vision of sustainable and green housing solutions."  

"This investment aligns with our strategy to create more inclusive and equitable cities by backing affordable and eco-friendly housing through partnerships with reputed companies like Sunteck Realty,” said Wendy Werner, IFC Country Head, India. “It also supports the Government of India's 'Housing for All' initiative, delivering essential societal benefits including shelter, safety, job opportunities, wealth generation, and enhanced credit access."


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First Published: Sep 21 2023 | 10:13 PM IST

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