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HDFC's international fund to invest Rs 80 cr in Bangalore

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HDFC's international fund to invest Rs 80 cr in Bangalore

Last updated: July 11 2007
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  • HDFC's international fund to invest Rs 80 cr in Bangalore

    The inflow of international funds in Indian property maket is still continued like before inspite of the rumors of slow down in the realty market. HDFC's USD 800 million International Property Fund that will close by July end has already committed Rs 80 crore in two mega projects in Bangalore.

    Bangalore's Whitefield has been witnessing a slide in property prices for the past six months, but property funds remain bullish on the upcoming projects here. Sources say HDFC's international fund will invest Rs 40 crore in Sterling Developers’ 90 acre property in Whitefield. The development will have 240 villas which will be sold for between Rs 2.75 crore to Rs 3 crore.

    Property consultants believe demand is picking up in Whitefield as both corporates and end users have begun to find the pricing attractive. The proposal of the intermediate and peripheral ring roads are also expected to push demand further.

    HDFC's property arm will also invest another Rs 40 crore in Sterling Developers’ 160 acre mixed-use property in Marathalli Extension. Reliance Industries backed Urban Infrastructure Opportunities Fund, or UIOF, has also pumped in Rs 40 crore into the same project.

    According to the 'Sterling Developers' both projects will be FDI compliant. And With the closure of HDFC's USD810 million International Property Fund the property market is expecting few greater investments.
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