International Finance Corporation (IFC) and IFC Emerging Asia Fund (EAF) will invest $76 million in four residential projects of real estate firm Puravankara Group, to be developed under the latter’s ‘Provident’ affordable housing brand. IFC and EAF will invest up to $76 million ( Rs 556 crore) in special purpose vehicles (SPVs) set up by Puravankara, which will comprise an investment of $33 million by IFC and an equal amount by EAF, along with a loan of $10 million from IFC. Two of these four projects are planned in Kochi and Bengaluru with a saleable area of 4.5 million sq ft. Around 4,000 housing units will be built in the next 5-7 years, with other projects to be identified by next year. The Kochi project will be designed as per IFC’s green building certification system, EDGE (Excellence in Design for Greater Efficiencies). World Bank Group member IFC and EAF’s financing will allow for quick scaling up of affordable housing business across India, especially among first-time homebuyers, Puravankara said on Thursday.

“IFC’s investment supplements Provident’s own investments in both existing and new developments. Provident’s use of pre-cast technology will see an acceleration in both time and superior quality homes. We hope this is the beginning of a long-term relationship with IFC,” Puravankara said.

Puravankara had said the company plans to launch 11 projects spread over 10.5 million sq ft across premium and affordable housing categories. Out of these 11 projects, six will be under the Puravankara brand and five under Provident said in the interview