IFC commits $150 million HDFC Capital's H-DREAM fund to promote green affordable housing
International Finance Corporation
(
IFC
) has committed up to $150 million as an anchor equity investor in the
H-DREAM Fund
, a $1 billion private credit fund focused on the development of sustainable, affordable, and mid-income housing across urban India. The H-DREAM Fund is managed by
HDFC Capital
Advisors, the private equity arm of HDFC Group and a subsidiary of HDFC Bank.
With a base size of $500 million and an additional $500 million green shoe option, H-DREAM seeks to raise long-term capital from global and domestic institutional investors.
The fund will provide financing for projects implementing the Excellence in Design for Greater Efficiencies (EDGE) green building framework in line with global sustainability standards.
The initiative aims to support the construction of at least 25,000 green-certified housing units for affordable and mid-income segments in India's urban centres.
"By empowering developers to issue green finance instruments and scale sustainable projects, our partnership with HDFC Capital aims to create jobs, build resilience, improve livability in cities and set a benchmark for the future of urban transformation," said Imad N Fakhoury, regional director for South Asia, IFC.
India currently faces an urban housing shortage estimated at 18 million units in tier-I and tier-II cities, with approximately 275 million people lacking adequate and affordable housing.
The IFC expects its investment to help mobilise up to $850 million from institutional investors and other sponsors. HDFC Capital has reported that it has already received in-principle commitments of about $350 million from various global and domestic institutions and family offices.
"This platform will channelize global and domestic capital to address the most basic social need of housing in India and we are witnessing interest from global and domestic institutions and Indian family offices with in-principle commitments of ~$350 million in place already,' said Vipul Roongta, MD & CEO, HDFC Capital.
A recent IFC report projects a $1.4 trillion investment opportunity in India's green buildings market by 2030, with almost $1.25 trillion coming from the residential sector.
H-DREAM Fund's investment strategy includes early-stage financing to tackle supply-side constraints in the development of quality affordable and mid-income housing. The fund will operate under IFC's Environmental & Social Performance Standards and the EDGE Green Building Framework.
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