Realty firm Tata Housing on Monday said its subsidiary has raised $25 million from UK-based CDC for development of affordable homes across the country.
“Tata Value Homes, a 100 per cent subsidiary of Tata Housing Development Company, has raised USD 25 million through CDC, UK’s Development Finance Institution (DFI),” Mumbai-based developer said in a statement.
CDC, wholly owned by the UK government, will join the affordable housing platform created by Tata Value Homes and IFC to develop affordable housing projects across the country, it added.
In May last year, World Bank Group member IFC had announced an investment of $25 million (around 160 crore) to finance affordable projects by Tata Housing.
IFC had entered into a partnership with Tata Value Homes, which is looking to develop about 16,800 homes over the next 10 years.
Tata Housing MD & CEO Brotin Banerjee said, “We are extremely happy to partner with CDC for the affordable housing platform created last year. Investment from CDC will help us further our commitment towards delivering quality living spaces to low and middle income groups in the country.”
CDC South-East Asia Head Srini Nagarajan said, “We have made this investment because affordable housing in India is highly developmental sector because it creates a high number of construction jobs per dollar invested and will increase access to housing for India’s emerging middle class.”
In the past year, Tata Value Homes has delivered over 3,000 homes across various projects in the country.
Established in 1984, Tata Housing is a subsidiary of Tata Sons, which holds 99.86 per cent of equity share capital of the company.
Tata Housing has 70 million square feet under various stages of planning and execution and an additional 19 million sq ft in the pipeline.