Ashiana (IFC-38851)

  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 11, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Ashiana Housing Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 23.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 267.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 20, 2017

Disclosed by Bank Nov 6, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
The proposed project involves a combination of: (i) IFC investing equity in an INR equivalent of approximately US$23 million in one or more Special Purpose Vehicles (“SPVs”) promoted by Ashiana Housing Limited (“Ashiana” or the “Company” or the “Sponsor”) set up for the development of affordable / mid-income housing and senior living projects in India; (ii) A senior loan of an INR equivalent of US$18 million to Ashiana Housing Limited for general corporate purposes.
People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.
1. Stakeholder Impact: Access to affordable / mid-income housing for customers in the Low-Income State (LIS) of Rajasthan and in Tier II cities in India; Access to senior living houses for senior citizens Project to provide 5,000-6,000 units over the next 5-7 years; development of 200 to 250 units for the Economically Weaker Section (EWS) and lower Low Income Group (LIG) segments in the LIS of Rajasthan. 2. Value-added and employment impact: Creation of ~1,800 jobs direct jobs through the Project, a large number of which are expected in the LIS of Rajasthan; jobs will be created in construction, marketing, and sales amongst other verticals; Creation of a number of indirect jobs through supply linkages. 3. Environment Impact and Sustainability: All projects will be executed under the IFC Excellence in Design for Greater Efficiencies (EDGE) or Leadership in Energy and Environmental Design (LEED) certification; 100% of the Project will contribute towards climate change. 4. Competitiveness: Lean operations across verticals to provide demonstration effect to the market; 5. Inclusiveness: Project to develop 5,000-6,000 units in the underserved affordable / mid-income housing segment;
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
PROJECT CONTACTS Ashiana Housing Limited Mr. Vikash Dugar Chief Financial Officer +91- 4265 4265 304, Southern Park Saket District Centre, Saket,New Delhi – 110017 ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

How it works

How it works