Prestige Estates forays into the affordable housing category by patterning with HDFC bank’s investment arm, HDFC Capital Advisors, to establish a Rs 2,500 crore real estate development platform targeted at developing affordable and mid-income housing projects across the country.
Bengaluru-based Prestige group, well-known for their condominiums and luxury apartments, has announced that it has entered into a strategic partnership with HDFC Capital Advisors for furthering its business in the mid-income/affordable housing sector. “This dedicated real estate platform shall have a capital to the tune of Rs 2,500 crore, which shall be a blend of equity and debt,” Prestige said in a statement. The platform would also enable the group to develop projects worth Rs 10,000 crore.
“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 demands in the mid-income segment.” HDFC MD Renu Karnad said. Prestige group CEO Venkat K Narayana said:
“After having successfully aligned our business along streamlined verticals, viz residential, commercial, retail and hospitality, we have come across exceptional proposals and remarkable opportunities.”