IFC, IFC EAF partner Puravankara Group

IFC, a member of the World Bank Group, and IFC Emerging Asia Fund (EAF) have partnered with real estate conglomerate Puravankara Group to invest in the development of up to four residential projects under the ‘Provident’ brand that is focused on affordable housing.

Two of these four projects are planned in Kochi and Bengaluru with a saleable area of 4.5 million sqft. About 4,000 housing units will be built in the next five to seven years, with other projects to be identified by 2021, said a press release.

Ashish Puravankara, Managing Director of Puravankara Group, said, “We are excited to partner with IFC and see a synergy in our values. This strategic partnership aims to address the growing demand for housing in India by providing customers with affordable quality homes.”