HDFC Capital Partners with Runwal Enterprises to invest Rs 1,150 crore in affordable housing projects in Mumbai
HDFC Capital, the real estate private equity arm of HDFC Group, has formed a partnership with realty developer Runwal Enterprises to set up a platform for developing residential projects for affordable, mid-income and upper mid-income families.
As per the terms of the pact, HDFC Capital will be investing more than '1,150 crore to support the development of sustainable housing projects in Mumbai. These projects will have an estimated revenue potential of more than $1 billion.
«HDFC Capital is committed to forging long-term partnerships with leading developers like the Runwal Group, with a proven track record of development and delivery. Through this collaboration, we aim to address the growing demand for sustainable, high-quality homes for affordable and middle-income families in India,» Vipul Roongta, managing director and CEO, HDFC Capital, told ET.
HDFC Capital-managed funds will provide a mix of equity and structured debt to Subodh Runwal-promoted Runwal Enterprises, formerly known as Runwal Apartments under this strategic funding arrangement.
«We are deepening our partnership with HDFC Capital through this platform which provides long-term, flexible capital to fund our growth plan and establish a presence in diverse areas of the metropolis while catering to various socio-economic segments. The funds being invested by HDFC Capital will significantly enhance the scale of operations of the Runwal Group,» said Subodh Runwal, director, Runwal Enterprises.
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