HDFC Capital, a wholly-owned subsidiary of HDFC Limited, had successfully achieved the initial close of its third fund of $1.88 billion for affordable housing funding. HDFC Capital aims to finance the development of one million affordable homes in India via innovation, financing, partnerships, and technology, focusing on sustainability. The company is in discussion with the leading global investors to achieve its objective and raise additional funds to be invested in affordable housing across India. The HDFC Capital Affordable Real Estate Fund-3 (H-CARE-3) is the largest fund raised to invest in the residential sector in India, with investors committing more than $1.22 billion in the first closure. It combined with the potential reinvestments by the fundraises an estimated total of $1.88 billion. According to a statement, the primary investor in H-CARE-3 is a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The fund will provide long-term flexibility across affordable and mid-income housing projects, including early-stage funding. It added that H-CARE-3 would also invest in technology companies engaged in the affordable housing sectors. Chairman of HDFC Capital, Deepak Parekh, said that the company with the support from global investors and leading developers would ensure many more Indians become homeowners. Managing Director of HDFC Capital, Vipul Roongta, said that the company aims to finance the development of the affordable housing ecosystem across India and provide a seamless platform for the stakeholders such as global investors, developers and vendors to access financing and technology innovations. Image Source Also read: Union Bank of India takes over NRDA's property after loan default Also read: CREDAI demands to have a relook at affordable housing