IIFL Home Finance, in an initiative to promote green affordable housing, launches the sixth edition of the “kutumb” initiative on Thursday.
The partners of the green affordable housing are UK sovereign fund CDC, International Finance Corporation, German Agency for International Cooperation, Asian Development Bank, and the Climate Bond Initiative. IIFL Home Finance plans to extend the mission to “green housing for all” from “housing for all”. The current focus of the Government of India is affordable housing.
IIFL Home Finance has currently completed five chapters of Kutumb across Hyderabad, Bengaluru, Pune, Ahmedabad, and Indore.
Sustainable healthy living takes center-stage as the mindset of the builders and homeowners have changed due to the COVID-19 pandemic.
The efforts of IIFL Housing Finance to create a sustainable and affordable housing initiative are reinforced at the current backdrop of the COVID-19 pandemic. According to Monu Ratna, the CEO of IIFL housing Finance, affordable green housing makes perfect business sense at the current situation and the company looks forward to taking the idea to more people.
India needs to democratize green buildings, according to Prashant Kapoor, who is the Chief Industry Specialist of Green Building and Cities, IFC. The energy requirements of all the residents of a building with four floors can be achieved by devoting 60% of the terrace area of the building, according to renowned architect Ashok B Lall. He also stated that the height of the building is inversely proportional to affordability and directly correlated with its carbon emissions.
India needs to improve its green infrastructure as it is lagging as compared to other developing nations like Columbia, Philippines, Mongolia, and Jakarta. Kutumb is India’s only initiative towards green affordable housing. IIFL Home Finance, by launching Kutumb, aims at bringing together affordable housing developers and industry experts and inducing them to opt for sustainable development in affordable housing by offering financial support as an incentive.
The key emphasis on savings through scalability is the factor that will sell green homes and make them affordable in India. The overall real estate sector is struggling during the lockdown period due to sluggish demand and higher inventory, but IIFL Home Finance, who is the leader in the affordable Housing Finance segment, the business is picking up significantly since the lockdown.
