India's HDFC to work with proptech firms to spur affordable housing
HDFC Capital Advisors' Heart initiative focused on generating value for builders of affordable homes in PM Modi-led India
Indian private equity fund HDFC Capital Advisors, a subsidiary of mortgage lender HDFC Ltd, will mentor, partner, and invest in property tech (proptech) companies as part of its newly initiated HDFC Affordable Real Estate and Technology (Heart) programme to support the construction of affordable housing in India, where re-elected Prime Minister Narendra Modi-led Bharatiya Janata Party has committed $1.4tn to infrastructure development.
Focused on affordable and mid-income housing, HDFC Capital Advisors has invested $1bn in projects backed by major developers over the last two years.
HDFC Capital expects collaboration between proptech companies and the real estate sector through Heart to create additional value for the affordable housing chain.
Commenting on the programme, HDFC chairman, Deepak Parekh, said: “Heart will support businesses innovating and building tech solutions to enhance the supply of affordable housing,” he added.
Managing director and chief executive officer of HDFC Capital Advisors, Vipul Roongta, added: “We look forward to bringing together multiple stakeholders, including developers, consultants, construction companies, global institutions, venture funds, incubators, and accelerators to accelerate our goal’s success.”