IIFL, Asian Development Bank to support, foster green housing in India

IIFL Home Finance and Asian Development Bank have signed an agreement to support and foster the green building ecosystem in the country. This is ADBs first such agreement in the private sector in India. IIFL will offer technical assistance for the ecosystem. The company said that the cost of activities to be exercised under this TA agreement is approximately $1 million. IIFL HFL will also contribute an additional $150,000 for supporting these activities.

IIFL will enable addressing of key obstacles for building the ecosystem, including promotional activities, capacity building and research and innovation. It will coordinate, support, direct and monitor the activities under the TA programme. The company will organise knowledge programmes to increase awareness, organise training sessions for IIFL HFL’s technical team, staff of housing boards and developers, as well as undertake market research initiatives across the entire value chain.

Monu Ratra, ED and CEO of IIFL Home Finance Limited, said that they intend to spark a green affordable housing movement in the country. “This initiative will integrate green lending and climate adaptation strategies in the context of affordable housing in India,” said Ratra.
IIFL has already been working towards green affordable housing in India through its platform ‘Kutumb’, a green building initiative.

Incorporated in 2006, IIFL Home Finance was registered with National Housing Bank (NHB) in 2009. IIFL HFL is a wholly-owned subsidiary of IIFL Finance Limited. The company offers small ticket size home loans, secured business loans and affordable housing project loans. As on March 31, the company served 141,000 customers.

Also read: IFC lends $250 mn to HDFC for green affordable housing