HDFC enters Indian market

Private Equity (PE), the investment arm of Housing Development Finance Corporation (HDFC) plans to enter the redevelopment and commercial development of Indian cities including Mumbai, Chennai, Pune, Bangalore and New Delhi.

PE unveiled plans to raise $500 million by the end of this year for these projects.According to DealCurry.com, PE has teamed up with joint venture partners in Singapore, Qatar, Japan and the US for these projects. The fund has a net Internal Rate of Return (IRR) target of over 20 percent.

This marks the entry of another Sri Lankan property company to the lucrative Indian market. A number of Sri Lankan companies is already active in property markets and construction projects in India and several other countries.