IFC and EAF's partnership with Provident will allow for quick scaling-up of the company's vision to provide access to high-quality affordable housing across India, especially among first-time homebuyers. It will help address the acute urban housing shortage in the country, with Indian cities needing to accommodate up to an estimated 18 million new urban dwellers per year.

IFC, together with EAF will invest up to Rs 556 crore (approximately $76 million) in special purpose vehicles set up by Puravankara Group. This will comprise of an investment of Rs 240 crore (approximately $33 million) by IFC and an equal amount by EAF, along with a loan of Rs 76 crore (approximately $10 million) from IFC. The Kochi project will be designed as per IFC's green building certification system, EDGE (Excellence in Design for Greater Efficiencies).