HDFC sets up ₹250-cr fund for residential housing

HDFC in a joint venture with Arvind SmartSpaces has set up a ₹250-crore fund to develop affordable and mid-income housing projects, Arvind SmartSpaces, which is a part of the Lalbhai group. The company has entered into a strategic partnership with HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) -- a fund managed by HDFC Capital Advisors, an arm of HDFC Ltd. The partnership will focus on the development of affordable and mid-income housing projects across the country. Housing remains a crucial need in India and the demand for affordable housing is expected to grow substantially with increased urbanization. HDFC's endeavor is to help address the demand-supply gap in affordable housing in India by providing flexible, long-term capital to leading developers across the country, said managing director, HDFC Ltd, Renu Sud Karnad. The partnership with Arvind SmartSpaces is in line with HDFC Capital's strategy of partnering with top rated developers with a good track record of development and delivery and a long-term view of affordable housing, said MD & CEO of HDFC Capital Advisors, Vipul Roongta.