HDFC Property Fund announces Rs 1,500 crore for residential housing projects
HDFC Propert
y Fund is the real estate private equity arm of HDFC Group. The private equity arm has announced the raising of $250 million or over Rs 1,500 crore for investment purposes in residential housing projects all along the country. This will act as a plus sign to the real estate sector. The government is already expecting the reality sector to take an upsurge by the end of this year so that it enables in removing the rising poverty issues in our country.
This happens to be HDFC’s second international real estate fund. HDFC Property Fund has recently finished its first real estate funds which have marquee international institutional investors. The real estate private equity arm have aroused the international fund of around $800 million in the year 2007 which has fully been deployed. Property Funding from a well established name would surely act as a positive sign for many major construction companies who have been planning to start a new project.
The recently announced closed funds will focus on investing purposes primarily in the residential property developments in major cities all across India. This can also help them who are new to the business to be able to get a good funding company.
Source: The Hindu Business Line
