HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) had managed by HDFC Capital Advisors Ltd, which will invest Rs 150 crore in Eldeco Infrastructure and Properties Ltd’s low-rise, plotted development projects in National Capital Region (NCR).

Eldeco Greens Infrastructure Private Limited will undertake the projects. Two projects have been identified in Panipat and Faridabad with a total saleable area of 1.5 million sq ft.

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“In line with the ‘Housing for all 2022’ vision of the Government of India, HDFC endeavors to help address the demand-supply gap in affordable housing in India by providing flexible, long-term capital to leading developers across India. We are committed to partnerships with trusted real estate brands like Eldeco with a good track record of development and delivery,” said Renu Sud Karnad, managing director, HDFC Ltd. There has been an upsurge in demand for plots and low-rise development in gated townships after the pandemic, with most players in this segment reporting robust sales, said Pankaj Bajaj, chairman, Eldeco Group. “We are present in 15 cities of North India, and everywhere we are facing inventory shortage.”

Vipul Roongta, MD and CEO of HDFC Capital Advisors, said, “We endeavor to act as an enabler to the growth of affordable and mid-income housing in the country. Through our partnership with Eldeco Group, we will focus on meeting the increasing demand for high-quality, low-rise, and plotted development at affordable prices. This is in line with HDFC Capital’s strategy of partnering with top-rated developers to increase the supply of affordable and mid-income housing in India while ensuring quality and timely construction.”