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Source: ET Realty
Earlier this month HDFC Capital Advisors inked a deal with Mumbai based Shapoorji Pallonji Real Estate Six projects to invest into six residential projects covering around 7 million square feet in Mumbai and Pune via structured debt instruments. According to the corporations, the money will be used for operating capital, debt repayment on expensive debt, and the financial closure of projects. Venkatesh Gopalakrishnan, the CEO of Shapoorji Pallonji Real Estate, believes this alliance would significantly improve the value of their project pipeline and accelerate the company’s growth.
The six projects being funded are all new construction in the mid-income category with some elements in the premium and affordable categories. One of these projects entails the renovation of a huge housing society in Mumbai's city centre. Other projects include one villa project that is a component of the company's broader layout in Pune's Hadapsar neighbourhood and three plotted complexes on the outskirts of Pune. Permissions for other projects are anticipated soon, even though the central Mumbai project has already received all necessary clearances.
The growing need for high-quality homes for middle-class households in India, according to Vipul Roongta, managing director and CEO of HDFC Capital Advisors, will be the main emphasis of HDFC Capital through its relationship with Shapoorji. Prior to this collaboration, HDFC Capital Advisors and Arvind SmartSpaces, a Lalbhai Group company with headquarters in Ahmedabad, reached a deal in August to establish a 900 crore rupee platform to carry out residential constructions.
The Shapoorji Pallonji Group, a multi-business conglomerate, includes Shapoorji Pallonji Real Estate as a substantial component. The developer is engaged in projects in Kolkata, Bengaluru, Gurgaon, Bengaluru, Mumbai, and Pune, with a total development potential of over 113 million square feet. The company has projects in a variety of market segments, including luxury apartments, aspirational homes for middle-class consumers, and mass housing projects.
The HDFC Capital Affordable Real Estate Funds 1, 2, and 3 are managed by HDFC Capital, a 2016 startup that supports the government's "housing for all" strategy. It is one of the largest private finance platforms in the world, managing a $3 billion fundraising platform that is dedicated to the construction of affordable homes. Recently, HDFC Capital Advisors and its fully owned subsidiaries HDFC Property Ventures and HDFC Venture Capital accepted a plan to consolidate. The merged platform could become India's largest private equity company, advising and managing assets worth about $4.1 billion.
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