IMAGE: Jodhpur, India, Houses” by Vyacheslav Argenberg is licensed under CC BY 4.0.
The Housing Fund aligns with the World Bank’s commitment to achieving sustainable development goals (SDGs), particularly those related to poverty alleviation and sustainable urban development.
The goal is to make affordable housing accessible to thousands of families across India’s growing urban and rural landscapes of sizes from 300 to 600 sq. ft. (27.87-55.74 sq. mts) catering to the needs of lower and middle-income families will be built in target locations of Tier 1 Cities of major metropolitan areas like Mumbai, Delhi, Bangalore, and Kolkata, where housing demand is significant – and Tier 2 and Tier 3 Cities of emerging cities where urbanization is increasing, such as Pune, Ahmedabad, Surat, and Jaipur.
The focus will be on compact, efficient designs that maximize space while maintaining affordability in residential complexes of multi-story buildings designed to accommodate multiple families within mixed-use development projects that combine residential units with commercial spaces to create vibrant communities.
Financed by the World Bank through its International Finance Corporation (IFC) committing US$100 million to HDFC Capital’s US$1 billion affordable housing fund, a subsidiary of Housing Development Finance Corporation (HDFC) in India, may collaborate with various stakeholders, including real estate developers, government bodies, and other financial institutions, to enhance the reach and effectiveness of the fund.
The Housing Fund aligns with the World Bank’s commitment to achieving sustainable development goals (SDGs), particularly those related to poverty alleviation and sustainable urban development.
The collaboration emphasizes sustainable development, ensuring that the housing projects funded are environmentally friendly and socially inclusive, and aligns with Government Initiatives and programs aimed at increasing affordable housing supply, such as the Pradhan Mantri Awas Yojana (PMAY), which seeks to provide housing for all.
The fund will contribute to India’s Economic Growth by investing in affordable housing that creates jobs in construction and related industries.
It also creates Social Inclusion to improve housing conditions for millions of Indians, thereby promoting social equity and stability.
