By Accommodation Times News Services
ArthVeda Fund Management Pvt Ltd (AVFM), today, announced the launch of ASHA Fund, a Rs. 2,000 crore affordable housing Fund for Low Income Households. The Fund will participate with multiple developers across India (including Tier 2 / 3 cities) in the construction of affordable housing for Low Income Households.
ArthVeda’s announcement follows the launch of 3 flagship schemes of Central Government for creating affordable housing stock and developing urban infrastructure. “ASHA fund has been in the making for some time after the success of our affordable housing fund for Middle Income Households, STAR Fund. It is a matter of satisfaction to us that the launch of ASHA Fund coincides with announcement of the Pradhan Mantri Awas Yojna (PMAY). ArthVeda is proud to join in the efforts of PMAY in creating affordable housing stock.” said Mr. Bikram Sen, CEO of ArthVeda.
ArthVeda is part of a leading financial services group, of which the flagship is Dewan Housing Finance Corporation Ltd (DHFL), “ArthVeda leverages our knowledge and leadership in the Low & Middle Income Households (LMI) space to investments in affordable housing. The launch of ASHA Fund and STAR Fund II will make ArthVeda the most prominent private equity player in the LMI housing segment.” said Mr. Kapil Wadhawan, Chairman and Managing Director of DHFL, AHFL and ArthVeda.
Group, collectively, lends USD 350 mil across India every month. ArthVeda, along with its Group Companies, provides “financial closure” to Low & Middle Income Housing projects. ASHA Fund has also built in a unique feature apart from creating affordable housing stock. ArthVeda is working with various NGOs, Social Impact Investors and CSRs to design markets based solutions for strengthening the Low Income Households.