HDFC Capital Advisors launches ‘The HDFC Affordable Real Estate & Technology Program (HeART)’
HDFC Capital Advisors, a wholly owned subsidiary of HDFC, has announced the launch of its new initiative viz., ‘HDFC Affordable Real Estate and Technology Program (HeART)’. The HeART program seeks to mentor, partner and invest in real estate technology companies that drive innovation and efficiencies within the affordable housing ecosystem, according to a release from Mahesh Shah, General Manager& Head Public Relations, HDFC.
HDFC Capital believes that technology will play a significant role in the development of ecosystem for affordable housing. All processes in the development of a house namely – Land/Approvals, Planning & Design, Construction, Project management, Sales and Facilities Management are likely to undergo significant change due to technology disruptions in the near term.
HeART features include the following:
• As part of the HeART initiative, HDFC Capital will provide a platform to real estate technology companies with innovative products aimed at creating efficiencies and lowering costs in each part of the development cycle of a real estate project.
• A key challenge faced by technology companies in real estate (popularly called Proptech) is lack of scale and access to the right partner developers.
• This shall be an ongoing initiative that aims to foster collaborations between technology companies and the real estate sector and thereby create value for the entire affordable housing chain. HDFC Capital shall also be partnering with leading academic institutions, industry platforms and accelerators to create an ecosystem that supports various components in the development affordable housing and thereby make the process more efficient.
HDFC Capital Advisors Limited, the largest real estate private equity fund in India focused on affordable and mid income residential housing has invested over USD 1 billion on the last 24 months with marquee developers across India in the affordable and mid income housing space.
Deepak Parekh, chairman, HDFC said, “HDFC’s endeavour is to act as an enabler to the growth of affordable housing in the country. HeART will support businesses which are innovating and building technology solutions to enhance the supply of affordable housing. India has a huge shortage of housing and these incremental steps will help lower the cost of housing for homebuyers.”
Ms.Renu Sud Karnad, managing director, HDFC said, “The HeART initiative along with HDFC Capital will play a significant role towards the ‘Housing for All by 2022’ objective of the government. HeART will invest in real estate technology companies and connect them with real estate developers, thereby creating value across the entire affordable housing chain.”