Tata Housing Development Company’s affordable housing arm has raised $25 million from UK government-owned development finance institution CDC.
CDC joins the World Bank’s private financing arm International Finance Corporation (IFC) in investing in Tata Value Homes projects. IFC had, in May last year, agreed to invest $25 million to fund Tata Value’s affordable group housing projects. The developer had then said the proceeds would be used to build about 16,800 homes over 10 years.
The investment from CDC will help Tata Value meet its commitment toward delivering quality living spaces to low and middle-income groups in the country, Brotin Banerjee, CEO and managing director of Tata Housing, said in the statement. Tata Value Homes is developing projects under two brands, Shubh Griha and New Haven. It is developing a Mediterranean-themed project at Santorini near Chennai, and La Montana near Talegaon, Pune. Its projects start from Rs. 12 lakh in Ahmedabad and go up to Rs. 62 lakh in Pune across low-cost and mid-income segment.
