BusinessWire India
Jaipur (Rajasthan) [India], July 3: Aavas Financiers, recently announced that the company has successfully accomplished financing of 100 EDGE certified self-built green homes in India. This is another milestone in their vision to inculcate sustainability into building affordable homes in rural and semi-urban regions of India. Innovating together with International Finance Corporation (IFC), a member of the World Bank Group, the pilot project paves the way for the development of green self-built housing in India, a country where the urban population is anticipated to rise to 607 million by 2030 and where 62% of new housing is still self-built.
Aavas Financiers has been at the forefront of affordable housing finance, leading the way with their Green Housing program, which aims to integrate environmentally friendly construction practices into the mainstream infrastructure of India. By implementing a streamlined prescriptive approach, which simplifies the auditing and certification process, Aavas has enabled lower and middle-income households to construct these eco-friendly Green Homes while complying with the technical guidelines mandated for green financing.
The company's commitment to green financing and sustainable practices has resulted in the prestigious EDGE (Excellence in Design for Greater Efficiencies) certification, verified by Sintali, a UK-based environmental verification company. An IFC innovation, EDGE makes it easy to design and certify resource-efficient and zero carbon buildings. Aavas' success is attributed to its unwavering dedication to customer service, innovative financial products, and inclusive climate action. The company customizes its offerings to meet the unique requirements and goals of its clients, ensuring affordability, transparency, and convenience throughout the home loan process.
Rajasthan demonstrated the highest interest with 38 green homes built, followed by Gujarat with 27, and Karnataka with 21, as compared to the other states. Maharashtra and Chattisgarh are new regions with the potential where the concept of green housing is being driven. With the program's inception in October 2020, Aavas has been tirelessly committed to providing practical solutions that facilitate a seamless transition to green housing in the country. They have been trailblazers in raising awareness and fostering willingness across the green housing value chain.
Speaking on the occasion, Sachinder Bhinder, MD & CEO of Aavas Financiers Ltd, stated, "We are immensely proud to have facilitated the financing of 100 certified green homes across the country. It is an honour to be a pioneer, driving tangible change and constructing environmentally friendly houses for low-income communities, offering them and future generations a better quality of life. While reaching 100 green homes is a significant milestone, it is only the first step towards our ultimate goal of scaling up the ecosystem and inspiring other financial institutions to provide access to such homes."
Aavas has been an active participant in facilitating discussions around climate action and has established The Green India Drive program in collaboration with IFC. The initiative brings together regional stakeholders to identify challenges and opportunities related to green structures and financing. To further drive the development of affordable housing solutions and contribute to the sustainable development of communities, Aavas will continue to foster innovation and collaboration with stakeholders across the housing ecosystem.
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