IIFL Home Finance signs pact with Asian Development Bank
Agreement for Technical Assistance aims to support the green building ecosystem in the affordable housing sector in India
Hyderabad: IIFL Home Finance (IIFL HFL), a housing finance company, has signed an agreement with the Asian Development Bank (ADB) for Technical Assistance (TA) to support and foster the green building ecosystem in the affordable housing sector in India. This is ADB’s first such private sector agreement in the country.
The cost of the activities to be exercised under this TA agreement is approximately $1 million (over Rs 7.4 crore), enabling activities addressing some of the key identified obstacles for building the ecosystem for green certified and affordable housing in India. IIFL HFL will also contribute an additional amount of up to $1,50,000.
Monu Ratra, ED & CEO, IIFL Home Finance, said, “This initiative will integrate green lending and climate adaptation strategies in the context of affordable housing in India.”
IIFL HFL, through selected independent special consultants and with their Green Value Partners (certified Green Architects), will coordinate, support, direct and monitor the activities under the TA programme.
IIFL HFL will undertake market research initiatives across the entire value chain of climate resilient green housing including by assessing current awareness of prospective buyers and developers and establishing a baseline of consumer understanding, formulating a unified green building ratings system to encompass adaptations to the local climate zones of various regions, establishing a system to integrate green lending and climate adaptation strategies.
IIFL HFL has already been propagating green affordable housing in India through its platform ‘Kutumb’, which is a green building initiative addressing the affordable housing projects regarding issues relating to financing, technical know-how of green construction and certification, and environmental, social and governance (ESG) compliance.
