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HDFC Capital Advisors has joined hands with Hero Realty to launch a INR 1,000 crore platform for residential projects in India's Tier 1 and Tier 2 cities. Hero Realty, with a track record of over 8.4 million sq ft in completed residential projects and 200 acres of industrial parks, currently has five ongoing developments. The partnership aims to tap into rising demand for mid-income housing, focusing on well-connected towns near major metros. HDFC Capital's CEO emphasized that the move supports sustainable housing growth for India's middle class, while Hero Realty plans faster expansion under this collaboration.
HDFC Capital Advisors Ltd has partnered with Hero Realty to set up a platform worth INR 1,000 crore aimed at developing residential projects across India's Tier 1 and Tier 2 cities. HDFC Capital Advisors, the real estate private equity arm of HDFC Group, said this initiative is designed to deliver high-quality housing that meets the needs of India's growing middle class. Advertisement
Hero Realty, founded in 2006, has completed over 8.4 million sq ft of residential projects and developed 200 acres of industrial parks. Currently, the company has five ongoing projects with a total potential of 6.4 million sq ft, along with an additional 8 million sq ft in development pipeline across these projects.
Vipul Roongta, Managing Director and CEO of HDFC Capital, highlighted that the partnership leverages the potential of Tier 1 and Tier 2 cities, where infrastructure development and rising aspirations are boosting demand for mid-income housing. He emphasized that the collaboration aligns with HDFC Capital's long-term goal of promoting sustainable and aspirational housing for India's middle-income segment. The initiative will focus on towns that are well-connected to major metros and serve as employment hubs.
Rohit Kishore, CEO of Hero Realty, noted that the partnership would accelerate the company's expansion into Tier 1 and Tier 2 cities, allowing faster execution of housing projects. HDFC Capital, a subsidiary of HDFC Bank, serves as the investment manager for four SEBI-registered Category II Alternative Investment Funds, which together form a USD 4.5 billion platform targeting affordable and mid-income housing across the country.
Source PTI
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