HDFC funds Rs. 1600-cr realty project
In a recent development, the Mumbai-based Lodha Developers has availed a new credit line for six-year period as it plans to use the funds for its residential project being developed on an 88-acre land parcel in Thane. HDFC Property Fund, backed by Housing Development Financial Corporation, is one of the largest private equity real estate funds in the country which invests in residential, commercial and mixed-use projects. Last year, the realty firm sold over 2,000 homes in this project prior to its proposed launch with a value of over Rs 1,600 crore. The project will be developed in multiple phases, with the current one comprising 3,500 apartments with one- and two-bedroom units housed in 27-30 storey towers around a master-planned development. With reforms like RERA and GST, the future looks bright for the (real estate) industry as there will be higher demand due to these reforms, yielding good returns against any investment being made now.