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HDFC Ltd. the mortgage giant has set up a new Alternative Investment Fund for affordable real estate with a total target size of Rs 5,000 crore, in which Rs 2,700 have been committed by investors for the first tranche itself.
HDFC said in a regulatory filing that the said fund’s tenure will be 12 years and it will invest in the long term equity of mid-income housing.
HDFC Ltd’s wholly owned subsidiary HDFC Capital Advisors Limited, has been appointed as the investment manager for the fund, named HDFC Capital Affordable Real Estate Fund-1 (HCARE-1).
