The investor and sponsor have committed $376 million for H-CARE 3 Scheme 2, HDFC Capital said in a statement.
H-CARE 3 Scheme 2 combined with H-CARE 3 Scheme 1 (raised less than 1 year ago) and HDFC Capital Affordable Real Estate Funds – 1 & 2, raised in 2016 and 2017 respectively, create a $3.1 billion funding platform which has been rated as “one of the world’s largest private finance platforms focused on development of affordable housing,” HDFC said in a statement.
The primary investor in H-CARE 3 Schemes 1 & 2 is a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
H-CARE 3 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, fin-tech, sustainability-tech etc.) engaged in the affordable housing ecosystem.
HDFC Ltd. will be the Sponsor and HDFC Capital will be the investment manager for H-CARE 3 Schemes 1 & 2.
Deepak Parekh, Chairman. HDFC Ltd, said, “Despite the recent headwinds in the global macro landscape, I continue to be optimistic about the demand for homes in India.”
“As the pivot of global growth shifts, India is envisaged to remain amongst the fastest growing major economies In India and housing will play an even more important role as a catalyst for growth,” he said.
“HDFC Capital has been one of the pioneers of investing in affordable and mid-income housing projects in India. With the support of leading global investors like ADIA and partnerships with trusted developers, the HDFC Capital platform is well on its way to achieve its medium-term goal of funding one million affordable homes in India,, he added.
