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

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Realty firm Prestige Estates Projects reported a 33 per cent increase in consolidated net profit at Rs 89.4 crore for the December quarter and announced a tie-up with an HDFC arm for a Rs 2,500 crore fund to develop affordable and mid-income housing.

Its net profit stood at Rs 67 crore in the year-ago period, the Bengaluru-based firm said in a regulatory filing.

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. date = new Date(); date.setTime(date.getTime()+(1*24*60*60*1000)); $.cookie("dfp_cookie_article", "Y1", {expires: date,path:"/",domain: ".moneycontrol.com"});

"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 filing said. date = new Date(); date.setTime(date.getTime()+(1*24*60*60*1000)); $.cookie("dfp_cookie_article", "Y1", {expires: date,path:"/",domain: ".moneycontrol.com"});

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.

本文來源:http://www.moneycontrol.com/news/business/companies/prestige-hdfc-to-create-rs-2500-cr-fund-for-housing-projects-2502783.html

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