Tamil Nadu Shelter Fund Invests ?95 Crore In Affordable Housing Project
The Tamil Nadu Shelter Fund (TNSF), managed by the Tamil Nadu Infrastructure Fund Management Corporation (TNIFMC), has invested Rs 95 crore in an affordable housing project by Vijay Raja Homes Private Limited. The funds will be utilised for the construction and development of ‘VRX 360’, a 2,700-unit complex coming up at the Affordable Development Project in Thirumazhisai, a suburb in the western outskirts of the city. TNSF is a Category I (Social) Alternative Investment Fund invested in by global investors like World Bank, and managed by the TNIFMC. It invests in environmental, social and governance compliant affordable housing impact projects for commercial returns. According to a statement issued by JLL India, the advisor for the transaction, “This is the first time the World Bank has invested in an innovative finance vehicle to support and provide funding for good quality affordable houses by private developers.”
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