Prestige Estates Projects (PEPL) has entered a strategic partnership with HDFC Capital Advisors to enhance its presence in the affordable housing sector. This dedicated real-estate platform will have capital to the tune of Rs 2,500 crore, a blend of equity and debt. The primary focus will be to expand Prestige's residential business by identifying strategic land parcels with the potential of developing large-scale residential projects in the mid-income segment.
'With this partnership, we are poised to grow manifold, and it will help us continue to build on the legacy of trust and efficacy we are known for," said Irfan Razack, Chairman and Managing Director, Prestige Group. 'Our endeavour is to scale-up our residential platform, especially in the affordable housing sector that has picked up huge demand and is currently vacuumed of supply. We are positive that this platform will facilitate long-term, sustainable value creation.'
The capital is expected to strengthen the base of Prestige and open gates for it to tap new growth markets enjoying high demand across the country, according to Venkat K Narayana, CEO, Prestige Group. The platform is expected to spawn a property development worth Rs 10,000 crore.
Indeed, with such projects in the offing, affordable housing has become the new growth driver for the real-estate sector.
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