HDFC Capital, a division of HDFC Group and the real estate private equity subsidiary of HDFC Bank Ltd., has successfully divested from a real estate venture in Bangalore, yielding a substantial profit of Rs. 298 crore.
HDFC Capital initially injected Rs. 229 crore into the residential apartment venture located in Whitefield, Bengaluru. This substantial investment was allocated towards the construction of one million square feet of residential apartments within the esteemed project named "Pursuit of a Radical Rhapsody."
The project encompassed the development of both residential and commercial areas, comprising a combined area of 4.4 million square feet for residential units and 500,000 square feet for commercial spaces.
Kunal Wadhwani, Principal Investments, HDFC Capital said,“The successful exit of the equity investment highlights our strategy of partnering with top rated developers with a good track record of development and delivery with focus on high quality homes in India.”
As a result of the surge in projects from renowned developers in the wake of the pandemic, the developer based in Bangalore successfully yielded profits of Rs.527 crore, enabling HDFC Capital to make an exit. Additionally, Total Environment has reimbursed Rs. 250 crore in the fiscal year 2023-24 for various investments made by HDFC Capital.
Total Environment, founded in 1996, has successfully finished 5.5 million square feet of residential and commercial projects and presently has 14 million square feet under construction.
HDFC Capital, on the other hand, oversees four SEBI-registered Category II Alternative Investment Funds, with a collective platform value of $3 billion. HDFC Capital's primary focus lies in the development of affordable and mid-income housing in India.
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