HDFC Capital Advisors Limited and an affiliate of Cerbus Capital Management LP have partnered to invest in under-construction projects facing a shortage of funds.
The platform will provide last-mile funding for purchasing inventory and under-construction residential projects across India, among other real estate-related opportunities.
“The development of the platform is in response to a series of setbacks to the Indian residential real estate market, which has created a significant need for capital,” the partners said in a joint statement.
Many buyers have not agreed to fund projects before completion, while traditional financing channels have come under severe pressure.
“The platform intends to partner with quality developers to provide capital solutions and to build and complete projects,” the statement said.
“Lack of buyer confidence in the ability of developers to complete projects, combined with a shortage of funds for real estate projects, resulted in developers starving capital to complete ongoing projects. The platform has the potential to provide capital solutions to developers to the real estate sector and resume stalled housing projects, ”said Deepak Parekh, Chairman, HDFC Limited.
Cerberus co-CEO Frank Bruno stated, “We are able to provide tailored solutions in areas with dislocated funding channels in various forms, such as the purchase of assets, the creation of operations and lending platforms, and the provision of structured capital as best as possible.” to do. -In-class operators. With HDFC Capital, we look forward to supporting high quality developers and projects in one of the most important regions of India. “
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