Sunteck Realty and IFC have set up a joint platform to invest up to Rs 750 crore to develop 4-6 affordable housing projects in Mumbai Metropolitan Region (MMR). IFC, a member of the World Bank, is the largest global development institution focused on the private sector in emerging markets.
The investment will be towards development of nearly 12,000 housing units across 4-6 green housing projects within the MMR. IFC will invest up to Rs 330 crore (USD 40 million), while the remaining investment will be by Sunteck Realty. The partnership will focus around the development of large-scale housing projects in the extended suburbs of Mumbai city to cater to the mid-income demographic.
Sunteck Realty is a Mumbai-based real estate development company, catering to the premium ultra-luxury and luxury residential segment.
