HDFC Capital achieves $376-mn initial close for scheme 2 of H-CARE 3

HDFC Capital has achieved the initial close of $376 million for Scheme 2 of HDFC Capital Affordable Real Estate Fund – 3 (H-CARE 3) to provide long term, flexible funding across the lifecycle of affordable and mid-income housing projects including early-stage funding, the company said in a statement on Monday.
 

H-CARE 3 Scheme 1 & 2 and HDFC Capital Affordable Real Estate Funds – 1 & 2 have created a US$3.1 billion funding platform, rated as one of the world’s largest private finance platforms focused on developing affordable housing. The company said that the company's primary investor in H-CARE 3 Schemes 1 & 2 is a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
 

HDFC Capital is a subsidiary of mortgage lender HDFC Ltd. The company finances the development of one million affordable homes in India through a combination of innovative financing, partnerships, and technology, whilst focusing on sustainability. It is in active discussions with leading global investors to raise additional funds to invest in India's affordable housing.
 

“As the pivot of global growth shifts, India is envisaged to remain amongst the fastest-growing major economies In India and housing will play an even more important role as a catalyst for growth. HDFC Capital has been one of the pioneers of investing in affordable and mid-income housing projects in India.  With the support of leading global investors like ADIA and partnerships with trusted developers, the HDFC Capital platform is well on its way to achieve its medium-term goal of funding one million affordable homes in India”, said Deepak Parekh, Chairman, HDFC Ltd.