IFC partners with Tata Value Homes

IFC, a member of the World Bank Group, has invested $ 25,000,000 alongside Tata Value Homes on Tuesday, a 100 per cent subsidiary of Tata Housing, to finance affordable housing projects for low-income households across India.

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. Over the past few years, we have delivered over 5,000 apartments in the price range of $8,000 to $50,000 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.” said Brotin Banerjee, CEO and MD, Tata Housing.

“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.”