Sunteck Realty and IFC have joined forces to address the shortage of affordable and mid-income housing in India. The joint initiative will see an investment of up to ₹750 crore (US$90 million) to develop approximately 12,000 high-quality housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR) of Maharashtra. IFC’s proposed contribution is up to ₹330 crore (US$40 million), while Sunteck Realty will provide the remaining funds.
The MMR, with a population exceeding 22 million, represents India’s dynamic housing market, currently facing a substantial housing deficit. Houses in India consume 30 per cent of electricity and buildings contribute to 20 per cent of carbon emissions, the project sets out to reduce water and energy usage in the housing developments under the platform by at least 20 per cent, achieved through IFC’s EDGE (Excellence in Design for Greater Efficiencies) green building certification.
As India’s energy demand continues to rise due to economic growth, urbanization, and population expansion, alongside projections of increasing water stress, the project’s resource-efficient units will lower utility costs and minimize environmental impact and greenhouse gas emissions.
However, Sunteck Realty Ltd.’s shares were down by 0.95 per cent to ₹430.75 at 10.15 a.m. on the BSE.