HDFC Capital Advisors Ltd, a wholly owned subsidiary of HDFC, has announced the launch of its new initiative termed 'HeART' that seek to promote technologies to make affordable housing more affordable.
The HDFC Affordable Real Estate and Technology (HeART) programme seeks to mentor, partner and invest in real estate technology companies that drive innovation and efficiencies within the affordable housing ecosystem, the company said in a statement.
"The company's endeavour is to act as an enabler to the growth of affordable housing in the country. HeART will support businesses which are innovating and building technology solutions to enhance the supply of affordable housing," HDFC Chairman Deepak Parekh.
India has a huge shortage of housing and these incremental steps will help lower the cost of housing for homebuyers, he said.
As part of the HeART initiative, HDFC Capital will provide a platform to real estate technology companies with innovative products aimed at creating efficiencies and lowering costs in each part of the development cycle of a real estate project, it said.
HDFC Capital will also partner with leading academic institutions, industry platforms and accelerators to create an ecosystem that supports various components in the development of affordable housing and thereby make the process more efficient.
HDFC Capital Advisors Ltd, the largest real estate private equity fund in India focused on affordable and mid-income residential housing, has invested over USD 1 billion on the past 24 months with marquee developers across India in the affordable and mid-income housing space.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)