Housing Development Finance Corporation’s (HDFC) wholly-owned subsidiary -- HDFC Capital has achieved the initial close of its third fund of $1.88 billion (about Rs 13,500 crore) focused on affordable housing. HDFC Capital's target is to finance the development of one million affordable homes in India through a combination of innovative financing, partnerships and technology, whilst focusing on sustainability.
The HDFC Capital Affordable Real Estate Fund-3 (H-CARE-3) is one the largest funds raised to invest in the residential real estate sector in India with investors committing in excess of $1.22 billion towards the first close. It combined with potential reinvestments by the fund creates an estimated total fund corpus of $1.88 billion.
The primary investor in H-CARE 3 is a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The fund will provide long-term, flexible funding across the lifecycle of affordable and mid-income housing projects, including early-stage funding.
In addition, H-CARE 3 will also invest in technology companies (construction technology, fintech, cleantech, etc.) engaged in the affordable housing ecosystem. HDFC Capital has been one of the pioneers of investing in affordable and mid-income housing projects in India.
HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services.
| Company Name | CMP |
|---|---|
| LIC Housing Finance | 540.05 |
| Housing & Urban Dev. | 197.00 |
| Bajaj Housing Financ | 91.83 |
| Piramal Finance | 1673.65 |
| PNB Housing Finance | 924.40 |
| View more.. | |
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