IIFL Home Finance Limited

Delhi, December 2022: Asian Development Bank (ADB) and IIFL Home Finance Ltd. (IIFL HFL), India’s fastest-growing digital first home finance company, organized the ‘Kutumb’ event in Delhi discussing the scope of green affordable housing in India. They launched ‘Kutumb’ on December 2, 2022, with an event titled ‘Green Affordable Housing Ecosystem’ in Delhi.

The event focused on insights based on the promotion and propagation of Green Affordable Housing in India, the perspective opportunity of making green affordable housing accessible to all. This required capacity building to empower stakeholders involved at various levels supported by research and innovation to contribute to the dialogue.

In February 2022, IIFL HFL signed a USD 68 million loan with ADB to improve financial access to affordable green housing for the economically weaker sections and lower-income groups in India.

To accelerate initiatives that improve access to green affordable housing for meeting the targets of Sustainable Development Goals 2030, it is important to actively pursue issues related to climate resilience, sustainability-orientated thinking, and the achievement of gender balance as fundamental approaches to development. Additionally, there is a need to address market constraints around a lack of awareness of green homes.

The event was graced by many dignitaries, including Shri. Kuldip Narayan (IAS, Joint Secretary & Mission Director PMAY(U)), Mr. Takeo Konishii (Country Director, Asian Development Bank, India Resident Mission), Mr. Monu Ratra (ED & CEO, IIFL Home Finance Ltd), Shri Rahul Bhave (Executive Director, National Housing Bank), Susan Olsen (Unit Head, Private Sector, Financial Institutions Division, Unit for South Asia, Asian Development Bank), Mr. Saurabh Diddi (Director, Bureau of Energy Efficiency), Mr. Rajan Rawal (Senior Advisor, Centre for Advanced Research in Building Science and Energy (CARBS) |CRDF, Professor, CEPT University) and Ar. Ashok B Lall (Principal Architect, A B Lal Architects) and Mr. Sean Kidney (CEO, Climate Bonds Initiative) joined the event virtually.

At the event, Monu Ratra (ED and CEO, IIFL Home Finance Ltd) said, “TA program in collaboration with ADB has shown great progress to gain insights on green affordable housing in India. We are putting together our observations and learnings from the various facets of the program. The outcome of the activities within the TA is of great relevance, considering the pertinent need for affordable green housing in India. We partnered with ADB and CEPT for the TA program and are thankful to them for making the entire process a great success.”

Kutumb endeavors to promote green, sustainable, future-ready, and affordable housing by actively collaborating and consulting with developers, architects, and rating agencies. The programme focuses on mainstreaming green and affordable housing in India.

Moreover, the policies need to focus on the affordability of green housing and the construction of green buildings. Kutumb focuses on bringing all the relevant influencers together to deliberate on addressing the existing gaps and finding ways for convergence between the various aspects and stakeholders of the green housing movement.