International financial institutions endorse ‘KUTUMB’, a green building and sustainable living initiative by IIFL Home Finance

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PUNE 29 OCT 2018 :Leading housing finance company, IIFL Home Finance Ltd. has taken step towards combining the benefits of affordable green housing and sustainable living with its unique initiative – KUTUMB. This, one of a kind platform, promotes green buildings in the affordable housing segment and is receiving immense support and appreciation from top national and international institutions.

IIFL Home Finance Ltd. initiated ‘KUTUMB’ in partnership with industry experts and real estate developers to create an infrastructure and a know-how model for green buildings. Organizations such as National Housing Bank (NHB), International Finance Corporation (IFC), Green Business Certification Inc. (GBCI), CDC Group UK, and Ashok B Lall Architects have come forward to be a part of this unique initiative.

Gaurav Malhotra, Director, Financial Institutional at CDC Group said, “It is a pleasure to be a part of KUTUMB and see the efforts that IIFL Home Finance is putting in to promote green buildings and sustainable living. The sessions were quite insightful for developers to get a feel for the size of the opportunity. CDC invests to support development and job creation in Africa and South Asia, with partners such as IIFL. Promoting development of green buildings in India and accompanying positive climate impact is a priority for CDC.”

Shruti Narayan, Lead – Green Building Program, India at IFC mentioned, “KUTUMB as a platform is an emerging and thought-provoking opportunity to engage a wide variety of stakeholders on the subject of green building and its importance. The idea of creating such a platform is refreshing, and helps to engage meaningful discussions on the impact of green buildings. IIFL Home Finance is on the right track, and we look forward to more such collaborations that are likely to come. “

CDC Group is a development finance institution owned by the UK Government while IFC is the private sector investment arm of the World Bank. Both these institutions are known for their diligent assessment and evaluation processes.

Speaking at the occasion, CEO of IIFL Home Finance Ltd., Mr Monu Ratra, said, “Endorsement from such institutions for KUTUMB has strengthened our standing and has also built sound credibility for our green building intent. We look forward to reach partners across India to scale up the KUTUMB initiative.”

Globally, people are shifting their concentration towards sustainable and eco-friendly ways of living. Even in India, the demand for green buildings is expected to increase multifold. As per industry estimates, India’s green building market is expected to double by 2022 at 10 billion square feet, valued around USD 35-50 billion, and driven by awareness, environmental benefits and government support.