The joint real estate investment and development platform created by HDFC Capital Advisors and realty developer is expected to create an overall revenue potential of Rs 5,000 crore excluding reinvestment prospects, said a top executive of HDFC’s real estate subsidiary. Earlier this month, the Ahmedabad-headquartered Lal Bhai Group company entered into an agreement with HDFC Capital Advisors to set up a ₹900-crore platform to undertake residential developments.
HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3) will be investing ₹600 crore, while Arvind SmartSpaces will infuse ₹300 crore in this joint investment and development platform.
“Our partnership with Arvind SmartSpaces will focus on the development of high-quality housing,” said Vipul Roongta, MD,
Capital Advisors. “This is in line with HDFC Capital’s strategy of partnering with developers with a strong track record of development and delivery. The platform will create a revenue potential of up to ₹5,000 crore excluding reinvestment potential.”
ET Bureau
The funds invested by the partners will be utilised for construction and development of housing projects and townships in the cities of Ahmedabad, Bengaluru, Gandhinagar, Mehsana, Hyderabad, Pune and Mumbai Metropolitan Region or any other geography as may be decided mutually by them.
ET Bureau