HDFC Capital Advisors, the real estate-focussed fund management arm of HDFC, has joined hands with real estate developer Tribeca to develop premium mid-income housing projects in Mumbai and Delhi NCR.

The companies have earmarked a corpus of ₹500 crore, which will be invested through a combination of debt and equity into residential real estate projects over the next three to five years, through an investment platform. The platform will acquire projects from existing developers through joint venture and development management structures, the companies said in a statement.

HDFC Capital has invested ₹135 crore in the platform for the first project – a one million square feet residential project in Gurugram. The project, to be developed by Tribeca, consists of 600 homes spread across a four-acre plot.

“Housing remains a crucial need in India, and the demand for housing is expected to grow substantially with increased urbanisation. HDFC’s endeavour is to participate in the huge opportunity of mid-income and affordable housing in the country,” said Deepak Parekh, Chairman, HDFC.

“This association will help address the demand-supply gap in affordable housing sector, and will ensure that flexible financing is provided to quality developers,” he added.