World Bank arm to pump $23 mn into Ashiana affordable housing projects

The project would involve the construction of about 5,000 to 6,000 mid-income/affordable housing units, including senior living units (with care homes)

The World Bank's investment arm IFC will pump in $23 million in projects by Ashiana Housing Limited (Ashiana) meant for affordable / mid-income housing as well as retirement homes for the elderly. 

The total project cost of the project is estimated at about $267 million.

IFC is one of the few financiers of affordable/mid-income projects in India.

IFC said that its long-term capital is not readily available to the real estate sector. IFC's equity investment is a structured 8-year equity investment, which would provide capital with a tenor that matches the project's life.

Ashiana's projects will be located across various