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Our Bureau

Mumbai , March 23

HOUSING Development Finance Corporation Ltd (HDFC Ltd) has forayed into the real estate fund business with the launch of HDFC Property fund, in association with State Bank of India.

A trustee company (HDFC Ventures Trustee Company Ltd) and an asset management company (HDFC Venture Capital Ltd) have been incorporated for the fund.

The venture capital fund, approved by SEBI, would be investing in equity-linked instruments of companies engaged primarily in real estate in major cities in India, said a press release.

To achieve a balanced risk-reward profile, the inaugural scheme, HI-REF will invest in three broad classes of companies. These are projects which are complete -comprising real estate assets in use with established high quality tenants denoting steady income type characteristics, projects in the development stage - where the lead time to commercial deployment is typically between 1-3 years and projects in the planning stage where the lead time to commercial deployment would between 3-6 years, the release said.

"The venture fund is an extension of HDFC's core business and a value add to its bouquet of services in the real estate sector", said the release, quoting Mr Keki Mistry, Managing Director, HDFC.

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