To promote innovation and efficiency in affordable housing, HDFC Capital to invest in 15 startups
- ByStartupStory | November 19, 2022
The largest private mortgage lender in India, HDFC, has picked 15 companies in India to receive financial support from its property technology fund, HDFC Affordable Real Estate and Technology Program (H@ART). It had raised more than Rs 500 crore from international investors as the fund’s initial close in September, with the goal of assisting businesses that spur efficiency and innovation within the affordable housing ecosystem. To find the most creative proptech businesses, HDFC Capital collaborated with the Indian government, other top global and Indian funds, academics, and industry groups to pick these 15 startups through the HDFC Tech Innovators initiative.
According to Hardeep Singh Puri, Union Minister of Housing and Urban Affairs, “we have observed that the degree of absorption and adoption of technology in the real estate sector has so far been slower than in other infrastructure segments.” Hardeep Singh Puri made this statement in a video address at the H@ART summit held in Mumbai. Platforms like HDFC Capital’s Housing and Real Estate Technology Platform are crucial for the real estate sector, which is estimated to contribute 13% of GDP by 2030 and is currently India’s second-largest employer. He claims that these initiatives to increase technology adoption in Indian real estate will inspire startups to create more disruptive innovations that target and strengthen the nation’s housing ecosystem. According to Deepak Parekh, chairman of HDFC, “We at HDFC firmly believe that technology will play a vital part in the creation of a sustainable, efficient real estate ecosystem and in realising India’s ‘Housing for All’ aim.” “H@ART is a unique project for real-time interaction between the built environment’s demand (industry), supply (startups), and financiers.” Over 537 startups entered the HDFC Real Estate Tech Innovators 2022 challenge, which was organised in collaboration with Startup India. Entries were divided into three categories: project management & construction tech, sales & fintech, and sustainability tech. Residential real estate is the next industry that Abu Dhabi Investment Authority (ADIA) executive director for real estate, Mohamed AlQubaisi, believes proptech will disrupt. “We must embrace proptech if we want to save costs, boost production, and boost sales. We think proptech will help ADIA and HDFC achieve their goal of funding the construction of one million homes in India,” he said.
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