Feb 8: Prestige Estates Projects Ltd (PEPL), one of India’s leading real estate developers on Thursday announced that it has entered into a strategic partnership with HDFC Capital Advisors Ltd, a subsidiary of HDFC, 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. The primary focus will be on expanding Prestige’s residential business by identifying strategic land parcels with the potential of developing large-scale residential projects in the mid-income segment,” the company said in a statement.
Commenting on the development, Renu Karnad, Managing Director, HDFC Ltd, 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 demand in mid income segment. Prestige Group which is built strongly on the fundamentals of trust, value and esteem and has set the benchmark for its quality and timeliness with its numerous outstanding residential projects, concurs with our ideas and vision. We are glad to associate with such a like-minded oraganistaion.”
According to Venkat K Narayana, Chief Executive Officer of Prestige Group, “the platform can spawn a property development worth Rs 10,000 crore. This capital will enable us to not only strengthen our presence in the geographies we currently operate, but also to expand into different geographies and tap new growth markets enjoying high demand across the country.”