IFC looking to invest up to $50 million in SVH
According to sources, International Finance Corporation (IFC), the private sector investment arm of the World Bank Group which invests through various forms such as equity, quasi-equity and debt, is looking to invest up to $50 million in Tata Housing Development Company’s affordable housing arm Smart Value Homes Ltd.
Smart Value Homes is going to use the funds to construct affordable housing near industrial clusters in the 10 largest metros in India. However, the sites for IFC-financed projects are not yet fixed. IFC will partially fund the development of affordable housing units.
Smart Value Homes, whose head quarter in Mumbai, has seven seven ongoing projects in the states of Gujarat, Tamil Nadu, Maharashtra and Karnataka. SVH is also planning to sell around 50,000 affordable housing units in India over the next five years.
Recently, they announced the sale of its fourth project called New Haven (its first venture in Bangalore) under the banner of Smart Value Homes.
Smart Value Homes Limited (SVHL), a 100 percent subsidiary of Tata Housing Development Company Limited (THDCL), announced the sale of 100 units of its recently launched Bangalore project New Haven within 15 days of its launch. New Haven, an upcoming first ever green township project is situated at a posh locality of Tumkur road. The first New Haven was unveiled in Boisar near Mumbai and was followed by Vasind and Ahmedabad.
The project offers 1,800 spacious apartments in an area ranging from 708 to 1163 sq ft. It has amenities such as swimming pool, a well-equipped gymnasium, retail shopping facilities and an indoor games room. Investment in this property will commit you an assured high returns in future as it is located at a great developing handpicked locality.
Tata Housing provides real estate development services and undertakes residential, commercial and retail projects. In November 2012, Portman Holdings LLC invested $11.80 million in Tata Housing Development’s Bangalore-based luxury housing project The Promont for 26 percent stake. Tata Housing has completed 17 residential and 7 commercial projects, spread across 3.8 million sq. ft.
Related Real Estate News:
New Haven a project by Smart Value Homes Limited
Cynosure Vivacity: A residential township
Apartments in Bangalore, Bangalore, Flats in Bangalore, International Finance Corporation, New Haven, Projects in bangalore, Residential projects in Bangalore, Residential real estate, Tata Housing Development Company Limited, Tumkur Road, World Bank Group, ‘Smart Value Homes’
[...] IFC looking to invest up to $50 million in SVH [...]