Prestige Group and HDFC to set up a Rs.2,500-crore residential platform

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.<br /> <br /> '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,&quot; said <span style="font-weight: bold;">Irfan Razack, Chairman and Managing Director, Prestige Group.</span> '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.'<br /> <br /> 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 <span style="font-weight: bold;">Venkat K Narayana, CEO, Prestige Group.</span> The platform is expected to spawn a property development worth Rs 10,000 crore. <br /> <br /> Indeed, with such projects in the offing, affordable housing has become the new growth driver for the real-estate sector.<br /> <br /> To share your perspective on current industry happenings, write in at feedback@ConstructionWorld.in<br />