Ahmedabad-based real estate developer, Arvind SmartSpaces has entered into an agreement with HDFC Capital Advisors to set up a Rs 900 crore joint platform to undertake residential developments.
HDFC Capital Affordable Real Estate Fund-3 (HCARE-3) will invest Rs 600 crore and Arvind SmartSpaces will infuse Rs 300 Crore in this joint investment and development platform. These funds will be used for the acquisition of new projects for residential developments across Bangalore, Pune, ahmedabad and Mumbai Metropolitan Region . The proposed joint platform will be in the form of a Special Purpose Vehicle (SPV) and it is expected to create a revenue potential of Rs 4000-5000 crore.
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