IIFL launches next phase of green affordable housing

IIFL Home Finance on Thursday announced the launch of the sixth edition of 'Kutumb' initiative that focuses on promoting "green affordable housing".

Green Affordable Housing has Asian Development Bank, German Agency for International Cooperation, Climate Bond Initiative, International Finance Corporation, Green Building Council of India and UK sovereign fund CDC as its partners.

Considering government's focus on affordable housing, IIFL Home Finance through Kutumb aims to extend the mission of 'Housing for All' to 'Green Housing for All', IIFL Home Finance said in a release.

In the past, the housing financier has successfully completed five chapters of Kutumb across Ahmedabad, Indore, Pune, Bengaluru and Hyderabad, it said.

"The COVID-19 pandemic has changed the mindset of builders and homeowners as sustainable healthy living takes centre-stage. In this backdrop our efforts to build a sustainable and affordable housing initiative is reinforced and we look forward to take the idea to more people. Affordable green housing makes perfect business sense as well," said Monu Ratra, CEO, IIFL Home Finance, during a series of webinars and podcasts.

Drawing a parallel between other developing nations like Jakarta, Mongolia, the Philippines and Columbia, Prashant Kapoor, Chief Industry Specialist, Green Building and Cities, IFC, said India needs a way to democratise green buildings.

It will take a metrics-driven, scale-able standard to transform the market, he said.

"If we devote 60 per cent terrace area of a four-storey building to install solar panels, it can meet the energy demand of all its residents. The height of the building has a direct correlation with its carbon emissions and is inversely proportionate to affordability," renowned architect Ashok B Lall said.