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21
December 2017
 |
Housing (The Total Investment & Insurance Solutions)
HDFC
Capital Advisors Ltd, a wholly owned
subsidiary of HDFC Ltd, has successfully achieved the initial
close of its second affordable housing fund, the HDFC Capital
Affordable Real Estate Fund – 2 (H-CARE-2). This will be
combined with the HDFC Capital Affordable Real Estate
Fund – 1 (H-CARE-1) raised in 2016 to create
a $1 billion platform targeting
Affordable
and mid-income residential projects in India’s leading 15 cities, the company
says in a release.
The Total Investment & Insurance Solutions
Deepak
Parekh, Chairman of HDFC Ltd said, “These funds
will play a significant role in progressing towards
the ‘Housing for All by 2022’ objective of the
government. Affordable housing will not only act as a growth driver
for the real estate industry in India but will also be a catalyst for GDP
growth. The current lack of flexible, long-term capital is one of the key
challenges facing developers of affordable and mid income housing in
India. The H-CARE funds will focus on providing leading developers access
to financing at attractive rates and on flexible terms.” The Total Investment & Insurance
Solutions
The
platform, headed by Mr Vipul Roongta - CEO, HDFC Capital Advisors Ltd,
will provide long term, equity and mezzanine capital to marquee developers at
the land and pre-approval stage for the development of affordable and
mid-income housing in India. This aligns with the Government of
India’s goal to increase overall housing
supply, including ‘Housing for All by 2022’
initiative. The primary investor in both H-CARE-1 and H-CARE-2 is a
wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
“Affordable
housing is a critical component of quality urban infrastructure as also a
growth driver for the real estate industry in India. H-CARE 1 and H-CARE 2 will
look to partner with developers to form long term platforms focusing on
affordable and mid income housing, ” says Keki Mistry, Vice Chairman & CEO
– HDFC Ltd said. The
Total Investment & Insurance Solutions
According
to Renu Sud Karnad, Managing Director of HDFC Ltd these funds will help address
the demand-supply gap in affordable housing in India. The Total Investment & Insurance Solutions
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