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The real estate private equity arm of HDFC Group — HDFC Property Fund — announced raising of $250 million or over ₹1,500 crore for investing in residential housing projects across the country.
This is HDFC’s second international real estate fund. HDFC Property Fund recently concluded its first real estate funds having marquee international institutional investors. HDFC had raised an international fund of $800 million in 2007 which is fully deployed.
The recently closed fund will focus on investing primarily in residential property developments in major cities across India.
HDFC Property Fund had also set up two domestic real estate funds in 2005 comprising a ₹1,000-crore fund which has been substantially exited, and a ₹464.4-crore fund which is fully exited, according to a company statement.
The cumulative assets under management of HDFC Property Fund exceed $1 billion.
According to markets experts, banking on a potential revival in the real estate market, several fund managers are gearing up to launch property funds.
Piramal Fund Management, IIFL, IDFC, Kotak Investment Advisors and ASK Group have raised money to be deployed in the realty sector.
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