HDFC rolls out its $1-billion offshore fund for India’s affordable housing dream
AdvertisementIndia needs close to 7 million houses every year; and almost 75% of this demand is from the affordable housing segment. And now the country's leading mortgage lender
Two persons close to the development told The Economic Times that the world's second largest sovereign wealth fund the
An industry source told the financial daily, "There's shortage of equity capital in the affordable housing space. This fund will solve that problem as it is being presented to potential investors as an equity fund with a 12-year investment horizon." The fund will follow RBI mandate while selecting affordable housing projects.
Anuj Puri, chairman & country head, JLL India, a
Puri further added, "Apart from partnering with builders, HDFC will have to buy land parcels away from the city to be profitable. If they manage a proper cost structure, the fund will be able to yield 20-25% returns."
(Image: The Times of India)
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