Prestige Elm Park

Joint Investment, Development platform by HDFC Capital and L&T Realty
Joint Investment, Development platform by HDFC Capital and L&T Realty

A joint platform structured as an alternative investment fund (AIF) by HDFC Capital, and L&T Reality is understood to be in advanced stages and is expected to be announced by the concerned authorities shortly.

The joint venture will be formed by the HDFC Capital Advisors, the real estate arm of mortgage lender Housing Development Finance Corporation (HDFC), and engineering major Larsen & Toubro reality wing.

The target investment will be in mid-market residential projects across the country. The execution of the projects lies with the developer and the joint venture will involve only the investment aspect of the project.

The platform is understood to be open to markets after the quantum of investment from the two majors is decided.

HDFC has ventured into similar investment funds like the HDFC Capital Affordable Real Estate Fund-3 (H-CARE-3) which has raised about $1.2 billion primarily through its investor from the Abu Dhabi Investment Authority (ADIA).

The venture was the third installment after the successful launch of HDFC funds 1 & 2. The corpus from these funds is to be invested in the country’s major real estate players like Prestige Group Runwal Group, and Shapoorji Pallonji Real estate.

HDFC investment platform-raised funds are reported to be used in achieving their target of one million residential homes across the country. The fund is to be invested in the development of about 280 million sq. ft properties in the mid-income residential category.

Prestige Group’s new upcoming property in Whitefield Bangalore – Prestige Elm Park

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