HDFC Capital: Rs 298 crore GAIN from investment in THIS real estate project in Bengaluru
hdfc capital: rs 298 crore gain from investment in this real estate project in bengaluru
HDFC Capital: HDFC Capital, a part of HDFC Group and the real estate private equity arm of HDFC Bank Ltd., has made an exit from a real estate project in Bangalore with a profit of Rs 298 crore, Economic Times (ET) reported on May 4.
HDFC Capital had initially invested Rs 229 crore in the residential apartment project situated in Whitefield, Bengaluru. The investment was made for the development of one million square feet of residential apartments in the project called “Pursuit of a Radical Rhapsody.”
The project included both residential and commercial development, with a total area of 4.4 million square feet for residential units and 500,000 square feet for commercial spaces.
“This exit is a big milestone for all our stakeholders, having witnessed significant value creation, and we’re looking forward to creating further value for all our stakeholders through the ongoing investments by HDFC Capital,” said Kamal Sagar, Founder, Total Environment.
“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,” said Kunal Wadhwani, Principal Investments, HDFC Capital.
Due to the increased demand for projects from well-known developers following the pandemic, the Bangalore-based developer managed to generate returns of Rs 527 crore, allowing HDFC Capital to exit. Furthermore, Total Environment has also returned Rs 250 crore in FY 2023-24 for other investments made by HDFC Capital.
Total Environment, established in 1996, has completed 5.5 million square feet of residential and commercial projects and currently has 14 million square feet under construction.
HDFC Capital manages four SEBI-registered Category II Alternative Investment Funds, with a combined platform worth US$ 3 billion. HDFC Capital focuses on developing affordable and mid-income housing in India.
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