The Development Bank of Japan (DBJ) and India’s HDFC Capital have entered into a partnership to invest an estimated $1 billion in a corpus for the construction of affordable housing in India, a statement from HDFC Capital said on Friday, May 29.
DBJ has committed to invest in the HDFC Capital Development of Real Estate Affordable and Mid-Income Fund (H-DREAM Fund), the statement said.
The India-Japan relationship is a trusted partnership based on strong institutional cooperation. India has seen increased participation by Japanese investors in its financial and real estate sectors. As a government-owned institution, DBJ’s first investment in real estate in India is significant for us and reinforces long-term investor confidence in the country, the statement said.
HDFC Capital is one of the largest real estate private equity funds in India, with a focus on affordable and mid-income residential real estate. Its funds combine to create a platform in excess of $4.5 billion.