Af­ford­able hous­ing plat­form by HDFC

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Mad­hurima Nandy mad­

BENGALURU: Pres­tige Es­tates Projects Ltd on Wed­nes­day said it will cre­ate an af­ford­able hous­ing plat­form with HDFC Cap­i­tal Ad­vi­sors Ltd, a sub­sidiary of HDFC Ltd, to jointly in­vest Rs2,500 crore in low- and­mid-in­come hous­ing projects.

In­vest­ments, to be made through a mix of eq­uity and debt, will be used to pri­mar­ily buy land across cities to de­velop res­i­den­tial projects, said VenkatK. Narayana, chief ex­ec­u­tive, Pres­tige Group. HDFC Cap­i­tal has been of­fer­ing long-term eq­uity cap­i­tal to se­lect real es­tate de­vel­op­ers, mainly to de­velop af­ford­able hous­ing, pre­ferred by builders and in­vestors alike.

Last Oc­to­ber, Mahin­dra Lifes­pace De­vel­op­ers Ltd, the real es­tate arm of Mahin­dra Group, part­nered with HDFC Cap­i­tal to jointly in­vest Rs 500 cr ore over the next three years to de­velop af­ford­able hous­ing projects across ge­ogra­phies.

HDFC Cap­i­tal’s in­vest­ments are done through its HD FCC a pital Af­ford­able Real Es­tate Fund-1.HDFC Ca pit al’ s first fund is ded­i­cated to ad­dress­ing this fund­ing gap by pro­vid­ing longterm eq­uity-ori­ented cap­i­tal for de­vel­op­ment in ur­ban and semi- ur­ban pe­riph­eral ar­eas, Vipul Roongta, chief ex­ec­u­tive, HDFC Cap­i­tal Ad­vi­sors, said last year.

In line with the gov­ern­ment’s aim to pro­vide hous­ing for all by 2022, the Union bud­get on 1 Fe­bru­ary pro­posed to set up an af­ford­able hous­ing fund un­der the Na­tional Hous­ing Bank (NHB). The 2017 bud­get had pro­posed as­sign­ing in­fra­struc­ture sta­tus to af­ford­able hous­ing projects and fa­cil­i­tate higher in­vest­ments. Renu Kar­nad, man­ag­ing dire ct or,HDFCLtds aid ,“Af­ford­able Hous­ing has be­come the new mantra in the coun­try and also a growth driver for the real es­tate sec­tor. Our as­so­ci­a­tion with Pres­tige Group is to de­velop af­ford­able homes and cater the largely un­met de­mand in mid in­come seg­ment.”

Ir­fan Razack, chair­man and man­ag­ing di­rec­tor of Pres­tige Group said ,“With this part­ner­ship, we are poised to grow man­i­fold, and it will help us con­tinue to build on the legacy of trust and ef­fi­cacy that we are known for. Our en­deav­our is to scale up our res­i­den­tial plat­form, es­pe­cially in the af­ford­able hous­ing sec­tor that’s picked up huge de­mand and is cur­rently vac­u­umed of sup­ply and we are pos­i­tive that this plat­form will fa­cil­i­tate long-term, sus­tain­able value cre­ation.”


HDFC Ltd’s sub­sidiary may in­vest in mid­in­come hous­ing

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.