NEW DELHI : India’s HDFC Capital, a non-public fairness funding supervisor, stated on Sunday it has raised $1.8 billion from traders, lead by a unit of sovereign wealth fund Abu Dhabi Investment Authority (ADIA), for its third low-cost housing fund.
This contains an upfront quantity of $1.2 billion with a further $600 million dedicated in the direction of reinvestment of the principal quantity, the corporate stated in a press release.
HDFC Capital Affordable Real Estate Fund 3 will present long-term finance to develop about 280 million sq. ft of inexpensive and mid-income housing initiatives throughout India. It may also put money into low-cost housing-related know-how corporations, it stated.
A unit of lender Housing Development and Finance Corporation (HDFC) Ltd, HDFC Capital has a long-term plan to fund the event of 1 million inexpensive houses in India, in keeping with Prime Minister Narendra Modi’s ‘Housing for All’ marketing campaign.
“In India, housing will play an even more important role as a catalyst for growth,” stated Deepak Parekh, chairman of HDFC Ltd, within the assertion.
Together with its first two funds, during which ADIA has additionally invested, HDFC Capital has a $3 billion funding platform, making it one of many greatest on the planet for inexpensive housing.
This builds on the success of earlier funds, and addresses the numerous demand for inexpensive housing in India, stated Khadem AlRemeithi, government director, actual property and infrastructure division, ADIA.
(Reporting by Aditi Shah; Editing by Raju Gopalakrishnan)