By Accommodation Times News Services
With an aim to increase the long term investment in development of mass housing, Housing Development Finance Corporation announced that HDFC Capital Advisors, a wholly owned subsidiary of the Corporation has been appointed as an investment manager for the HDFC Capital Affordable Real Estate Fund-1 (HCARE-1). HCARE-1 is a SEBI registered Alternative Investment Fund (AIF) and has been sponsored by the Corporation.
Further, the Corporation has informed that the fund has received an aggregate commitment for an amount of Rs. 2,700 crore from various investors. One of the key objectives of HCARE-1 is to primarily make medium to long term investments towards development of mass housing where the residential units would be priced in a manner so as to cater to the residential demand of the urban middle-income households.
The Corporation also informed that the targeted fund size is approximately Rs. 5,000 crore and the first close will be Rs. 2,700 crore. The tenure of the said fund will be 12 years and it will invest in the long-term equity of mid income housing.