IFC forms $56-mn JV for four residential projects

IFC, a member of the World Bank Group and IFC Emerging Asia Fund (EAF) have partnered with the Puravankara Group to build four residential projects involving an investment of $76 million under the Provident brand focusing on affordable housing. Ashish Puravankara, MD of Puravankara Group, informed that two of these four projects are planned in Kochi and Bengaluru with a saleable area of 4.5 million sq ft. About 4,000 housing units will be built soon and other projects to be identified by 2021. IFC's investment supplements Provident's own investments in both existing and new developments as the Provident use of pre-cast technology will see an acceleration in both time and superior quality homes. IFC, together with EAF will invest up to ₹556 crore amounting to $76 million in special purpose vehicles set up by Puravankara Group. This will comprise investment of ₹240 crore (approximately $33 million) by IFC and an equal amount by EAF, along with a loan of ₹76 crore (approximately $10 million) from IFC. The Kochi project will be designed as per IFC's green building certification system, Excellence in Design for Greater Efficiencies (EDGE).