Prestige Estates Projects Ltd (PEPL), Bengaluru-based real estate developers, has entered into a strategic partnership with HDFC Capital Advisors Ltd for furthering its business in the mid-income/affordable housing sector. This real estate platform shall have a capital to the tune of ₹2,500 crore, which shall be a blend of equity and debt. The primary focus will be on expanding Prestige’s residential business by identifying strategic land parcels for large-scale residential projects in the mid-income segment.

Commenting on the partnership, Renu Karnad, Managing Director, HDFC Ltd, said: “Affordable housing has become the new mantra in the country and also a growth driver for the real estate sector. Our association with Prestige Group is to develop affordable homes and cater the largely unmet demand in mid income segment. Prestige Group which is built strongly on the fundamentals of trust, value and esteem and has set the benchmark for its quality and timeliness with its numerous outstanding residential projects, concurs with our ideas and vision. We are glad to associate with such a like-minded organisation.”

On the strategic alliance, Irfan Razack, Chairman and Managing Director, Prestige Group, said: “With this partnership, we are poised to grow manifold, and it will help us continue to build on the legacy of trust and efficacy that we are known for. This is a very pivotal venture, and both me, and Venkat K Narayana, our CEO, who was instrumental in setting up this platform, believe firmly that it will create value, especially given the brand names of both Prestige and HDFC.”

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