Prestige, HDFC arm ink Rs 25 bn housing tie-up to tap mid-income segment

Bengaluru-based developer Prestige Estates Projects on Wednesday entered into a partnership with HDFC Capital Advisors, the property focused fund management arm of HDFC for the mid-income and affordable housing projects. This real estate platform will have a capital of Rs 25 billion and will 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, Prestige said.

Venkat K Narayana, CEO, Prestige, said: “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.”