HDFC Capital raises $376 million for affordable housing fund

HDFC Chairman Deepak Parekh said that “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 claims that the HDFC Capital platform is well on its way to achieving its medium-term objective of funding one million affordable houses in India with the assistance of reputable international investors like ADIA and alliances with reliable developers.

HDFC Capital has been one of the top financiers of low- and middle-income housing developments in India. Vipul Roongta, Managing Director & CEO, HDFC Capital, stated that, “Urbanization is an irreversible trend in India which combined with the thrust given to affordable housing by the government will result in an exponential growth in the demand for affordable and mid-income homes.”

According to Mohamed AlQubaisi, Executive Director of the Real Estate Department, ADIA, "through the H-CARE funds, HDFC has established a successful track record of supporting the development of new affordable residential stock across the country."

"Our latest investment in the H-CARE platform aims to support its growth as it continues to meet the growing demand for early-stage financing of housing projects in India.”