HDFC Capital, Arvind SmartSpaces to create Rs 50 bn revenue potential

The joint real estate investment and development platform of HDFC Capital Advisors, a wholly-owned subsidiary of India’s largest mortgage lender Housing Development Finance Corporation (HDFC), and realty developer Arvind SmartSpaces is expected to create overall revenue potential of Rs 50 billion, excluding reinvestment prospects. Realty developer Arvind, part of the Ahmedabad-headquartered Lalbhai Group, entered into an agreement with HDFC Capital Advisors earlier this month to set up a Rs 9 billion platform to undertake residential developments. HDFC Capital Affordable Real Estate Fund-3 (HCARE-3) will invest Rs 6 billion, while Arvind SmartSpaces will infuse Rs 3 billion crore in this joint investment and development platform. “Our partnership with Arvind SmartSpaces will focus on the development of high-quality housing. This is in line with HDFC Capital's strategy of partnering with developers with a strong track record of development and delivery. The platform will create an overall revenue potential of up to Rs 5,000 crore excluding reinvestment potential,” said Vipul Roongta, MD & CEO, HDFC Capital Advisors. The funds invested by both the partners will be utilised for construction and development of housing projects and townships mainly in the cities of Ahmedabad, Bangalore, Gandhinagar, Mehsana, Hyderabad, Pune and Mumbai Metropolitan Region (MMR) or any other geography as may be decided mutually by them. See also: Omaxe gets 50.40 acres land for sports complex at DwarkaMaharashtra likely to invite fresh bids for Dharavi redevelopment