IFC, the private sector investment arm of World Bank Group, will support HDFC’s move to grow its green affordable housing portfolio by improving access to such housing for those in the low income group.
Aligned with the government of India’s goal to provide ‘Housing for All,’ the funding will also help generate jobs, a joint statement said.
At least 25 per cent of the financing has been earmarked for green affordable housing, which is likely to encourage this market in India.
Green housing is largely regarded as a luxury market in the country, but given its climate benefits, IFC intends to challenge the perception. It is aiming to boost green affordable housing by partnering with HDFC, with its deep penetration in the Indian housing market and significant commitment to promoting green housing.
