Prestige Estates Projects ties up with HDFC Capital Advisors to raise Rs 2,500 crore for affordable housing projects
With this capital, the Prestige group can develop projects worth Rs 10 crore. The HDFC Capital Advisors are well-known for providing investment advisory services for real estate private equity financing. Banking on their expertise, the Prestige Estates Projects decided to enter into a strategic partnership with HDFC Capital Advisors. Speaking on the occasion, a spokesperson of Prestige group stated that the dedicated real estate platform shall have a capital to the tune of Rs 25 billion (Rs 2,500 crore), which shall be a blend of equity and debt.
By identifying the strategic land, Prestige will look to expand its residential business to develop large scale residential projects. The MD of HDFC, Renu Karnad also showed satisfaction over the development.
He said “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.”
Mr. Irfan Razack, the CMD of Prestige group said “With this partnership, we are poised to grow manifold, and it will help us continue to build on the legacy of trust and efficacy that we are known for. Banking on the brand name of both the endeavors, the CMD was pleased to have HDFC Capital Advisorsto support their decision. Affordable Housing has picked up huge demand and is currently vacuumed of supply and we are positive that this platform will facilitate long-term, sustainable value creation” he added.
With this capital, the Prestige group will be able to operate and expand its business to all the regions of the country. It currently operates in South India, Pune, Goa and Ahmedabad. The company also has 212 real estate projects and 51 ongoing projects. With a consolidation turnover of Rs 4,862 crore, the decision to increase the affordable housing portfolio is likely to fall in place.