HDFC Capital Advisors, a wholly-owned subsidiary of HDFC Ltd, launched a new initiative called ‘HDFC Affordable Real Estate and Technology Program (HeART) to mentor, partner and invest in real estate technology companies that drive innovation and efficiencies within the affordable housing ecosystem.
HDFC Capital Advisors, in a statement, said as part of the HeART initiative, it 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.
The company, which provides investment management services for real estate private equity financing and has invested over $1 billion on the last 24 months with marquee developers across India in the affordable and mid income housing space, identified lack of scale and access to the right partner as a key challenge faced by technology companies in real estate (popularly called Proptech).
“This shall be an ongoing initiative that aims to foster collaboration between technology companies and the real estate sector and thereby create value for the entire affordable housing chain,” the statement said.
HDFC Capital will 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.
Deepak Parekh, Chairman – HDFC Ltd said, “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.”
Source: The Hindu