CREDAI partners HDFC Capital to help with funding for builders in non-metros

CREDAI partners HDFC Capital to help with funding for builders in non-metros
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CREDAI partners HDFC Capital to help with funding for builders in non-metros

Highlights

The three-day conference is being attended by over 1,300 developers from India

Abu Dhabi: Indian realtors' apex body CREDAI on Friday announced a tie-up with HDFC Capital to help its members from tier 2 and 3 cities to get funding from the entity's $3 billion-fund for the housing sector.

CREDAI, which has over 13,000 developers as members, made the announcement at its annual conference 'NATCON 2022' here. The three-day conference is being attended by over 1,300 developers from India.

CREDAI also underscored its commitment to UN's Sustainable Development Goals (SDGs) 2030 and said its member have taken a pledge to become 100 per cent carbon neutral by 2050. It also aims to reduce the sector's carbon footprint by 25 per cent before 2030.

"We have partnered with HDFC Capital for facilitating investment in tier 2 and 3 cities through its $3 billion-fund," CREDAI President Harsh Vardhan Patodia told reporters here and added that tier 2 and 3 cities are starved of funds. In this context, Patodia described this partnership as game changer. "HDFC Capital has $3 billion fund (over Rs 24,000 crore) for real estate projects. We expect that Rs 5,000-10,000 crore from this fund should go to tier 2 and 3 developers," the CREDAI President said.

Tier 2 and 3 cities are generally non-metros. CREDAI President Elect Boman Irani said the association, Venture Catalyst and NeoVon have partnered to set up a $100 million 'Spyre VC PropTech fund' for tech-enabled startups in the real estate sector.

The fund would invest in early and growth stage startups. To accelerate the adoption of technology, CREDAI will launch 'Credaiverse' to have a permanent presence in Metaverse for an immersive buying consumer experience.

CREDAI Chairman Satish Magar said, "This year, the real-estate ecosystem has witnessed the best year in decades at the back of pent-up demand post-Covid-19 and consumer sentiment continues to be positive." He also expressed confidence that with the shift in consumer behaviour from 'HomeRenting to HomeBuying', the growth momentum would continue.

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