Prestige Estates Projects (PEPL), a leading real estate player in the South India has entered into a strategic partnership with HDFC Capital Advisors, a wholly owned subsidiary of HDFC Ltd, for furthering its business in the Mid-Income/Affordable Housing sector. For this purpose, a dedicated real estate platform will be created which shall have a capital to the tune of Rs 2,500 crore. This will be funded through 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.
Commenting on the deal, Renu Karnad, Managing Director, HDFC, said, “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.” Irian Razack, Chairman and Managing Director of Prestige Group is confident of growing manifold with the help of this partnership. “Our endeavour is to scale up our residential platform, especially in the Affordable Housing sector that’s picked up huge demand and is currently vacuumed of supply and we are positive that this platform will facilitate long-term, sustainable value creation,” he said.