HDFC Capital Advisors Ltd, the real estate private equity arm of the HDFC Group, said Wednesday it has entered into a partnership with Bengaluru-based Curated Living Solutions Pvt Ltd (CLS) to establish a Rs 1,000 crore (about $109 million) rental housing platform in India.
The platform will aim to develop, own, and operate institutional-grade rental housing assets, HDFC Capital said in a press release.
The companies said that the platform aims to meet the growing demand for professionally managed rental accommodation across major urban centres. It will leverage the long-term demographic and urbanization trends, including workforce and student mobility and evolving lifestyle preferences, while supporting the transition of India’s rental housing market towards organised, institutionally owned formats.
“India’s urban rental housing market is at an inflection point, shaped by a young and mobile population and rental housing is essential to enhance mobility, particularly for students, young professionals, and migrant workers. This partnership will focus on development of scalable, professionally managed rental housing assets across top urban centers in India," said Vipul Roongta, chief executive officer, HDFC Capital.
CLS, promoted by Bhaskar Raju of real estate developer DivyaSree Group, currently manages over 13,000 beds across India. Raju said that, by combining HDFC Capital’s long-term capital with CLS’s operating expertise, the platform will focus on developing and owning high-quality rental housing assets.
HDFC Capital recently also entered into a partnership with Brigade Enterprises Ltd and Gruhas PropTech LLP. As part of this collaboration, HDFC Capital acquired a minority stake in Zoiros Projects Pvt Ltd and committed Rs 20 crores to the Earth Fund.
HDFC Capital recently created a Rs 1,000 crore platform in partnership with Hero Realty, the real estate arm of Hero Enterprise, to develop housing projects across Tier 1 and Tier 2 cities in India.
