Tata Value Homes, a 100 per cent subsidiary of Tata Housing Development Company, has raised $25 million (₹166 crore) from CDC, a development finance Institution based in the UK.

CDC, wholly-owned by the UK Government, will join the platform created by Tata Value Homes and IFC to develop affordable housing projects across the country.

Set up in 2010, Tata Value Homes has also ventured into foreign markets, such as Maldives and Sri Lanka, and is developing townships.

TVHL currently has projects in Mumbai, Ahmedabad, Bengaluru, Chennai and Pune.

The company has grown exponentially, establishing itself as one of the fastest-growing real-estate developers with 70 million sq ft under various stages of planning and execution, and an additional 19 million sq. feet in the pipeline.

“Investment from CDC will help us further our commitment towards delivering quality living spaces to low- and middle-income groups in the country,” said Brotin Banerjee, MD & CEO, Tata Housing.

Tapping opportunity As per the Economic Survey, there is a shortage of nearly 20 million homes in India.

The Centre has also rolled out an ambitious programme — housing for all by 2022. As a result, there is increased interest among developers to lay out affordable housing.

Developers like Xrbia Developers and VBHC are entirely focused on affordable homes, and have already launched multiple projects across cities. Housing Development and Infrastructure Ltd (HDIL) and Usha Amenities, Breco Realty, Mahindra Lifespaces, TVS Housing and S Raheja are the other players.

Srini Nagarajan of CDC said, “We’ve made this investment because affordable housing in India is a highly developmental sector, because it creates a high number of construction jobs per dollar invested, and will increase access to housing for India’s emerging middle-class.”

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