19th June 2018, Noida, India: As per the statement was given on Wednesday, 13th June 2018, by HDFC Capital Advisors Limited, The HDFC Capital Affordable Real Estate Fund, managed and entirely owned by HDFC Capital Advisors Limited has recently acquired a notable minority stake in ATS HomeKraft. The project HomeKraft has been originated from the idea of providing affordable housing solutions to the mid-income group by the Noida based prestigious developers, ATS Group. It has been claimed by them that they have sold 250 units of apartments in their first Noida based project, HomeKraft Happy Trails, in a single day.
The renowned banking veteran Prasoon Chauhan is the chief executive officer of HomeKraft. He has bagged an immense experience of approx. 12 years in real estate finance, worked at some reputed private sector lenders like YES Bank and ICICI Bank. The construction of 30 million square feet of the residential area has been already completed by the ATS Group while 40 million square feet is still under construction.
As the projects developed by HomeKraft are mainly focused to be sold to the potential buyers from the mid-income group, the ranges of the projects vary from Rs. 30 Lacs to Rs. 70 Lacs. Initially, the projects will be developed within National Capital Region and then will be expanded to PAN India. The added advantage of all apartments made by this brand is that these would qualify under the Pradhan Mantri Awas Yojana scheme. Apart from that, other Government concessional schemes, for instance, concession on GST, CLSS Interest Subvention etcetera would be available. The costs of the apartments would be reduced further after applying for these benefits. These benefits will be given as per the respective eligibility of the customers.
You may also read: Latest Update of Pradhan Mantri Awas Yojana
HDFC Capital Advisors Limited had conducted two individual fundraising rounds named as HDFC Capital Affordable Real Estate Fund – 1 aka H-CARE-1 in 2016 and HDFC Capital Affordable Real Estate Fund – 2 aka H-CARE-2 in 2017 to raise funds for their affordable housing project. The vision behind creating these funds was to develop a platform worth USD. 1 Billion to develop affordable residential projects for the mid-income group in 15 leading cities of India. In December 2017, it has been declared by the HDFC Group that they have successfully raised the initial fund against H-CARE-2 which was then combined with the fund raised against H-CARE-1. They aim to provide long-term equity and capital to the giant developers at the pre-approval stage to develop affordable housing projects for the mid-income group in India.
After their successful collaboration with the Southern Indian builders and developers, the Prestige Estate Projects to establish a USD. 30 Million worth of low-cost housing platform, they are trending again in the real estate news Noida for their investment in HomeKraft as this one is being considered as a rare entity level equity investment.
The HDFC Capital Group and HomeKraft will jointly invest over Rs. 2000 Crores (USD. 300 Million) for developing affordable housing all over India. A senior manager of HDFC Capital, who is involved in this deal has revealed that HDFC Capital now owns 20% stake in HomeKraft.
Author: Somdeepa Bhattacharjee
Somdeepa Bhattacharjee has a total experience of five years in the Content Editorial, Online Community and Internet Marketing domains. As a part of the content team of a3solutions.in, she develops research-oriented stories and News Articles on recent market trends. She has a proven strong analytical skill in her Articles which help readers to understand real time scenario of Realty Market. In her free time, Somdeepa engages in Blogging, Trekking, Reading Classics and Photography. She really fond of Entrepreneurship, Travelling and Foods.