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23 May, 2018 18:35 IST
Prestige Estates enters into Rs 25 bn platform deal with HDFC
Source: IRIS | 08 Feb, 2018, 09.55AM
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Prestige Estates Projects (PEPL), one of India's leading Real Estate developers is pleased to announce that it has entered into a strategic partnership with HDFC Capital Advisors for furthering its business in the Mid-Income /Affordable Housing sector. This dedicated real estate platform shall have a capital to the tune of Rs 25 billion, which shall be a blend of equity and debt.

The primary focus will be on expanding Prestige's (Q,N,C,F)* residential business by identifying strategic land parcels with the potential of developing large-scale residential projects in the mid-income segment.

Renu Karnad, Managing Director, HDFC, said, "Affordable Housing has become the new mantra in the country and also a growth driver for the real estate sector. Our association with Prestige Group is to develop affordable homes and cater the largely unmet demand in mid income segment. Prestige Group which is built strongly on the fundamentals of trust, value and esteem and has set the benchmark for its quality and timeliness with its numerous outstanding residential projects, concurs with our ideas and vision. We are glad to associate with such a like-minded organization."

Irian Razack, Chairman and Managing Director of Prestige Group, said, "With this partnership, we are poised to grow manifold, and it will help us continue to build on the legacy of trust and efficacy that we are known for. This is a very pivotal venture, and both me, and Venkat K Narayana, our CEO, who was instrumental in setting up this platform; believe firmly that it will create value, especially, given the brand names of both Prestige and HDFC. Our endeavor is to scale up our residential platform, especially in the Affordable Housing sector that's picked up huge demand and is currently vacuumed of supply and we are positive that this platform will facilitate long-term, sustainable value creation."

Shares of the company gained Rs 13.1, or 4.53%, to trade at Rs 302.60. The total volume of shares traded was 10,264 at the BSE (9.40 a.m., Thursday).

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