Prestige Group, HDFC partner to set up Rs 2,500 cr residential platform

Prestige Estates Projects Limited (PEPL), one of India's leading Real Estate developers is pleased to announce that it has entered into a strategic partnership with HDFC Capital Advisors Limited for furthering its business in the Mid-Income / Affordable Housing sector.

This dedicated real estate platform shall have a capital to the tune of Rupees 2,500 crores, which shall be a blend of equity and debt. The primary focus will be on expanding Prestige's residential business by identifying strategic land parcels with the potential of developing large-scale residential projects in the mid-income segment.

Expressing her delight on the partnership, Renu Karnad, Managing Director, HDFC Ltd said "Affordable Housing has become the new mantra in the country and also a growth driver for the real estate sector. Our association with Prestige Group is to develop affordable homes and cater the largely unmet demand in mid-income segment. Prestige Group which is built strongly on the fundamentals of trust, value and esteem and has set the benchmark for its quality and timeliness with its numerous outstanding residential projects, concurs with our ideas and vision. We are glad to associate with such a like-minded organisation."

"With this partnership, we are poised to grow manifold, and it will help us continue to build on the legacy of trust and efficacy that we are known for. This is a very pivotal venture, and both me and Mr. Venkat K. Narayana, our CEO, who was instrumental in setting up this platform; believe firmly that it will create value, especially, given the brand names of both Prestige and HDFC. Our endeavour is to scale up our residential platform, especially in the Affordable Housing sector that's picked up huge demand and is currently vacuumed of supply and we are positive that this platform will facilitate long-term, sustainable value creation," said chairman and managing director of Prestige Group, Irfan Razack.

Venkat K. Narayana, Chief Executive Officer of Prestige Group expressed his exhilaration regarding the deal. "After having successfully aligned our business along streamlined verticals, viz. Residential, Commercial, Retail and Hospitality; we have come across exceptional proposals and remarkable opportunities. We are delighted to partner with an impeccable brand like HDFC for our residential platform. The platform can spawn a property development worth Rupees 10,000 crores. This capital will enable us to not only strengthen our presence in the geographies we currently operate, but also to expand into different geographies and tap new growth markets enjoying high demand across the country," he said.