Rs 3,175 Crore has been committed by Housing Department Finance Department and Abu Dhabi Investment Authority for the investment in the mid-income housing projects in India.
$900 million has been contributed by the Abu Dhabi S0vereign Fund from over $1 billion in these projects and to the developers which include Godrej Properties, Mahindra Lifespace Developers, Signature Global, Radius Developers, Rustomjee Group and Acme Group which has given a growth in real estate industry and in GDP growth.
More than 25,000 homes are needed to build in this project which has each 300-800 sq ft carpet area. $500 million has been raised recently by the HDFC Capital Advisors in its second affordable housing fund, HDFC Capital Affordable Real Estate Fund – 2 (H-CARE-2) which have a combination with HDFC Capital Affordable Real Estate Fund – 1(HCARE-1) which was raised in 2016 have created more than $1 billion investment in the mid-income residential projects.
$250 million has been committed by the first fund and $100 million by the second fund in the nine residential projects and currently they have 5-6 deals in the pipeline for $200 million and to be completed till March 2018.
These projects are been spreaded over 75 million sq ft and the sponsor of this project is HDFC and the investment manager is HDFC Capital Advisors and this project will take over a time period of two-to-three years.