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Lalbhai, HDFC team up for affordable housing
The Times of India  |  October 14, 2019

TNN Mumbai

The Lalbhai Group and HDFC have formed a partnership to develop affordable and mid-income housing projects in India. The venture is routed through a special purpose vehicle, Arvind Homes, with an initial investment of Rs 250 crore.

 

The Ahmedabad-based group entered into realty business in 2008 through Arvind SmartSpaces and has about 7 million square feet of real estate development across the country.

 

“Housing remains a crucial need in India and the demand for affordable housing is expected to grow substantially with increased urbanisation,” said Renu Karnad, MD, HDFC. The mortgage lender has invested in Arvind Homes through its arm, HDFC Capital Affordable Real Estate Fund 1.