HDFC Capital, Tribeca set up platform for mid-income housing projects

By Swet Sarika

  • 14 Mar 2019
Credit: Thinkstock

HDFC Capital Advisors, the real estate-focussed asset management arm of mortgage lender HDFC Ltd, has tied up with realty firm Tribeca Developers to set up a platform that will develop mid-income housing projects. 

The platform will invest Rs 500 crore (around $72 million) through a combination of debt and equity in projects that Tribeca will develop, according to a joint statement issued by the companies.

It will leverage Tribeca’s asset-light model of acquiring projects from existing developers through joint venture and development management structures.

HDFC Capital has already invested Rs 135 crore in the first project under the platform that will come up in Gurugram.

“This association will help address the demand-supply gap in affordable housing and will ensure that flexible financing is provided to quality developers,” said HDFC chairman Deepak Parekh.

Tribeca is known for representing The Trump Organisation in India and is part of consortiums developing Trump-branded projects. It is currently developing five projects across Mumbai, the National Capital Region and Kolkata.

HDFC Capital has previously backed a bunch of developers focussed on housing in the mid-income and affordable segments. This includes north India-based ATS HomeKraft, in which HDFC Capital picked up a stake last June.  

It had also signed a partnership with Mumbai-based Prestige Estates Projects for developing affordable homes in India. 

HDFC Capital manages two affordable housing funds which collectively have a corpus of more than $1 billion.