Germany infuses ₹1,900-cr in low-cost housing segment

The country has secured $ 277 million (₹1,900 crore) from Germany to build energy-efficient housing units. A loan agreement has been signed between SBI and German development bank KfW, said SBI in an official statement. The program will be a part of the Indo-German Development Co-operation, guided by the 2030 Agenda for Sustainable Development. Under the program, both builders and homebuyers will be financed for developing/purchasing energy-efficient residential projects that achieve at least 25 percent energy savings in comparison to standard reference buildings. As such, the program will contribute to India's policy framework towards energy conservation in the residential building sector and reduction in greenhouse gas emissions. In addition, KfW will also extend a grant of 1.5 million euros (about ₹12 crore) as a technical assistance package for supporting SBI in the preparation, implementation and monitoring of the program. Further, an investment grant of 10 million euro (₹791 crore) has also been provided for incentivizing builders to develop such housing projects.