Prestige, HDFC to create Rs 2,500 cr fund for housing projects

Realty firm Prestige Estates Projects announced a tie-up with an HDFC arm for Rs 2,500 crore fund to develop affordable and mid-income housing. “The board has approved entering into platform deal for an arrangement between the company and HDFC Capital Advisors for taking up real estate developments across various geographies in the affordable/mid income housing segments through a mix of equity and debt funding,” the Bengaluru-based Prestige Estates Projects said in regulatory filing. The company reported a 33 per cent increase in consolidated net profit at Rs 89.4 crore for the December quarter. Its net profit stood at Rs 67 crore in the year-ago period. The company's total income increased to Rs 1,290.2 crore in the third quarter of this fiscal from Rs 1,253.5 crore in the corresponding period of previous year. The total corpus of the platform is about Rs 2,500 crore, it added. In December 2017, HDFC's subsidiary HDFC Capital Advisors had announced that it has raised USD 1 billion to create a real estate fund that would invest in affordable and mid- income housing projects in the top 15 cities of the country.