HDFC-CREDAI inks MoU to fund realty projects

HDFC Capital Advisors has entered into an agreement with property developers' body, the Confederation of Real Estate Developers' Association of India (CREDAI), to speed up investments into real estate projects in tier II and III cities. The real estate private equity investment manager will be investing in mid-income and affordable projects in these cities through its $3 billion fund. Harsh Vardhan Patodia, President, CREDAI, informed, "We are talking to HDFC Capital about allocating at least ₹5,000 crore to ₹10,000 crore to developers from tier I and II cities."

The body has also entered into a pact with integrated incubator and accelerator for startups, Venture Catalysts & NeoVon to partner on a $100 million proptech fund ‘Spyre VC Proptech Fund’ for tech-enabled startups in the real estate sector. This fund will be invested in the next couple of years across early and growth stage start-ups in this segment.

To be able to accelerate the adoption of technology, CREDAI will launch ‘Credaiverse’ to have a permanent presence in Metaverse for an immersive buying consumer experience. While the Indian Green Building Council (IGBC) has implemented measures to promote more developers to use sustainable techniques, CREDAI will work with the policy implementation body to ensure the measures are well ingrained with the real estate developers in the country.