India’s HDFC Capital, Tribeca to invest $72.9 mln new housing projects

HDFC Capital Advisors, the Indian real estate arm of HDFC Ltd., and rival Tribeca Developers have established a 500 crore rupees ($72.9 million) fund to set up a premium to mid-income houses in Mumbai and National Capital Region.

HDFC Capital noted it aims to finance the projects via a combination of debt and equity while Tribeca will develop the projects. The platform will launch its first project in the second or third quarter of next financial year.

The new fund will invest in the construction of around five projects totalling around 3000 units in Mumbai suburbs, Gurugram and Noida in the next 4 to 5 years.

HDFC Capital, which has already committed $19.7 million towards the project, noted that it will set up the plan via joint venture or development management agreement with landowners.