HDFC Fund may invest Rs 350 crore in 3 Ahuja Projects – Feedback

HDFC Capital Affordable Real Estate Fund is close to investing Rs 350 crore in three projects of a Mumbai-based real estate developer, people close to the development said. HDFC launched the $400-million fund to invest in mid-tier housing projects earlier this year.

The fund will pick up a 20% stake in each of the Ahuja Constructions projects. “The investment would be at the special purpose vehicle level,“ said one of the people cited above. The projects are located in Malad in Mumbai and two outside the city at Vasind and Palgarh. The deal is set to be concluded within a week, said the people. This will be the first major investment for the Vipul Roongta-headed fund, which closed in January. HDFC Capital was appointed investment manager for the fund, which is registered as an alternate investment fund sponsored by HDFC. It fund will have a long-term view with an investment cycle of 12 years.

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