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Corporate News
17-Dec-20
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Puravankara partners with IFC and IFC Emerging Asia Fund
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IFC and EAF to invest Rs 556 crore in residential projects under 'Provident' Brand
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IFC, a member of the World Bank Group, and IFC Emerging Asia Fund (EAF) have partnered with the Puravankara Group—a leading real estate
conglomerate in the country—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 sf/ft. About 4,000 housing units will be built in the next five to seven years, with other projects to be identified by 2021.
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).
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