M Lifespace unveils Rs.500 cr housing fund

    Mahindra Lifespace Developers
    Realty developer Mahindra Lifespace Developers in a recent move has partnered with HDFC Capital Advisors-managed HDFC Capital Affordable Real Estate Fund-1 to form a platform focused on the development of affordable housing projects in India. The platform will have total investment commitment of Rs.500 crore over three years. The joint platform will look to rapidly scale up in order to address the demand-supply gap in affordable housing segment in India, with an estimated development footprint of between 5 to 10 million square feet, depending on the locations selected for its projects, under the Happinest name, Mahindra Lifespace said in a statement, adding that the objective of this Platform is to invest in residential affordable housing projects by providing long-term equity. Lack of patient long-term capital is one of the key challenges facing growth and development of low and middle-income housing in India. HDFC Capital‘s first fund is dedicated to addressing the funding gap by providing long-term equity-oriented capital for development in urban and semi urban peripheral areas, said CEO, HDFC, Capital Advisors, Vipul Roongta.
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