Translate
View original content:
Previous
Source: cision | Published on: Wednesday, 23 August 2023
The partnership will aide in achieving a Gross Development Value of Rs. 4500 crores
MUMBAI, India , Aug. 23, 2023 -- The House of Abhinandhan Lodha (HoABL) and HDFC Capital Affordable Real Estate Fund – 3 (acting through its investment manager HDFC Capital Advisors Limited), have come together to create a Joint Venture Platform entailing project investments of Rs. 1500 crore towards the development of new generation low-rise development projects in India. The Investment will result in a Gross Development Value (GDV) of Rs. 4500 crores. The JV entails the development of new generation low-rise projects all over India. The company is currently executing projects in Maharashtra, Goa, UP and Himachal Pradesh spread across eight different locations.
On this milestone partnership, Mr. Abhinandan Lodha , Chairman– The House of Abhinandhan Lodha said, "The joint venture with HDFC Capital is a testament to our shared vision of creating exceptional living experiences. By combining our expertise and resources, we are set to redefine the landscape of branded low-rise projects. Our commitment to architectural brilliance, sustainable development, and uncompromising quality aligns perfectly with the values that HDFC Capital represents.
Together with HDFC Capital, we are poised to unlock unprecedented possibilities, fostering sustainable growth and prosperity in the realm of branded low-rise projects."
Mr. Vipul Roongta, MD & CEO, HDFC Capital Advisors Limited, said, "We believe there is a significant un-met demand for mid-income low-rise housing in the peripheral areas of Tier 1 cities and Tier 2 cities, driven by improved connectivity on the back of rapid development of road, rail and air infrastructure projects across India. Through our platform with HoABL, we will continue our focus on partnering with trusted real estate brands to meet the increasing demand for high-quality low-rise developments at affordable prices.
About The House of Abhinandan Lodha
The House of Abhinandan Lodha (HoABL), India's largest branded land developer, is a new-age consumer-tech company pioneering New Generation Land in India. This bellwether venture by Abhinandan Lodha, born out of a vision to democratise land to create wealth, is transforming land ownership in India by leveraging technology. HoABL is transforming the process of owning land for a consumer by making it easy, secure, and liquid while ensuring that it becomes a critical part of people's investment portfolio with a transparent process.
HoABL has built a first-of-its-kind technology product in India that will simplify the process of land buying for customers. With fully digital sales, the entire consumer journey is location agnostic, making it possible to buy land from anywhere in the world. The HoABL app – a first not only in India but globally too – will give customers the ability to invest in land parcels that The House of Abhinandan Lodha has to offer, chart their land buying journey from start to finish and manage their portfolio effortlessly.
About HDFC Capital Advisors Limited
HDFC Capital, a subsidiary of HDFC Bank Ltd, is the real estate private equity arm of HDFC Group. HDFC Capital is aligned with the Government of India's 'Housing for All' initiative and is focused on financing the development of affordable and mid-income homes in a sustainable manner. HDFC Capital also seeks to promote innovation and the adoption of new technologies within the real estate sector by investing in and partnering with technology companies.
HDFC Capital is the investment manager to HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2) and HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3) Schemes 1 & 2, which are registered with SEBI as a Category II Alternative Investment Funds. These funds combine to create a US$ 3.1 billion platform targeting the development of affordable and mid-income housing in India.
Mumbai based Real Estate Investment Bank 'Trustcap' acted as 'sole financial advisor' to the transaction.
