The Firm

Who we are
Investment Philosophy
Advisory Board
people

About Us

Established in 2005, HDFC Property Fund (“HPF”) is a real estate private equity fund sponsored by India’s largest Housing Finance company - Housing Development Finance Corporation (HDFC) HPF is one of the largest private equity real estate funds in India, having an aggregate capital commitment of INR 72 billion across 4 funds.

With first-mover advantage HPF has been at the forefront of identifying real estate investment opportunities ahead of property market cycles. All four funds are opportunistic funds and have a flexible investment approach.

Our investment strategy enables us to identify compelling opportunities and deploy capital judiciously in Indian Real Estate market. We have invested across 20 Locations with  27 Developer Partners.

Our portfolio comprises of residential, commercial, township, IT parks, EPC contracting company and hospitality business.

With a Management team having extensive experience and profound understanding of Indian real estate market and macroeconomic environment, HPF continuously endeavours to offer optimize risk-adjusted returns to its investors.

HIREF International Fund II Pte Ltd. (Singapore)
HIREF International LLC (Mauritius)
HDFC India Real Estate Fund (india)
HDFC IT Corridor
(india)
HIREF International Fund II Pte Ltd. (Singapore)
Fund Domicile : Singapore
Capital Raised : USD 321.00 million
Closing Date : June 2015
Capital Raised
USD 321 million
Vintage
2015
Investor Profile
Sovereign Funds, Pension Funds, Family Offices
Fund Status
Partially Exited
HIREF International LLC (Mauritius)
Fund Domicile : Mauritius
Capital Raised : USD 800.00 million
Closing Date : August 2007
Capital Raised
USD 800 million
Vintage
2007
Investor Profile
Sovereign Funds, Banks, Corporates, Fund of Funds And Family Offices
Fund Status
Partially Exited
HDFC India Real Estate Fund (India)
Fund Domicile : India
Capital Raised : INR 10.00 billion
Closing Date : June 2005
Capital Raised
INR 10 billion
Vintage
2005
Investor Profile
Leading Domestic Public Sector Banks, Corporates And Family Offices
Fund Status
Substantially Exited
HDFC IT Corridor (India)
Fund Domicile : India
Capital Raised : INR 4.64 billion
Closing Date : June 2005
Capital Raised
INR 4.64 billion
Vintage
2005
Investor Profile
Leading Banks, Corporates And Family Offices
Fund Status
Exited

Our investment strategy focuses on compounding capital over the investment period through an active asset management and collaborative partnership approach. With a dynamic and enterprising management team HDFC Property Fund (“HPF”) focuses on investment strategies to deliver optimum returns for its investors.

The investment philosophy includes -
  • Collaborate with best of developer showing strong execution track record
  • Invest in established and favorable markets offering opportunities of optimum returns
  • Undertake proactive management of investments by active involvement with portfolio companies through the life cycle of the project
  • Closely monitoring investments to ensure adherence to business plan
  • Formulate the most efficient and profitable exit strategy for each portfolio investment
Unique Positioning Across Real-Estate Ecosystem
Land Acquisition

The fund team helps connect land owners and developers, and structure the property development process to provide bespoke solutions

Planning

Active involvement in deciding product mix, based on insight of the micro-markets

Helping attain financial closure for the project

Execution

Assist in negotiation with vendors by capitalizing on group’s relationships

Support in marketing through own network and branding

Exit

Has connect with potential financiers / investors - helping developers exit (if needed)

Investment Process
  • Sourcing - Significant proportion of the HPF’s transactions are proprietary deals, through the team’s extensive network and strong relationship with the Indian real estate developer community. HPF also leverages on HDFC Group’s broad operating platform and brand equity.
  • Evaluation - The feasibility of the investment and credibility of the developer partner are established by dedicated financial, legal and project management teams responsible for conducting a thorough and rigorous due diligence prior to investment.
  • Transaction Execution - The Fund attempts to achieve the most tax efficient structure for investments by a thorough analysis of various options available.
  • Asset Management - HPF assists developer partners at various stages of project including land acquisition, planning, negotiations and execution. Fund team plays key role in determining the product mix and pricing mechanism based on market intelligence.
HDFC Property Fund offers a unique Investment opportunity in Indian Real Estate owing to its demonstrated capability of investments and divestments.

Deepak Parekh

Chairman - HDFC Ltd.

He is the Chairman of the Corporation. He is a Fellow of The Institute of Chartered Accountants in England & Wales. Mr. Parekh joined the Corporation in a senior management position in 1978.

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Deepak Parekh

Chairman - HDFC Ltd.

Deepak Parekh

Chairman - HDFC Ltd.

He is the Chairman of the Corporation. He is a Fellow of The Institute of Chartered Accountants in England & Wales. Mr. Parekh joined the Corporation in a senior management position in 1978.

He was inducted as a whole-time director of the Corporation in 1985 and subsequently, appointed as the Managing Director of the Corporation (designated as 'Chairman') in 1993. He retired as the Managing Director on December 31, 2009. He was appointed as a Director of the Corporation liable to retire by rotation, by the shareholders of the Corporation at its Annual General Meeting held on July 14, 2010. He is a director on the boards of several prominent companies in India. He is also the Chairman of the Corporate Social Responsibility Committee of Directors.

Keki Mistry

Vice Chairman & CEO - HDFC Ltd.

He is the Vice Chairman & Chief Executive Officer of the Corporation. He is a Fellow of The Institute of Chartered Accountants of India and the Chairman of CII National Council on Corporate Governance.

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Keki Mistry

Vice Chairman & CEO - HDFC Ltd.

Keki Mistry

Vice Chairman & CEO - HDFC Ltd.

He is the Vice Chairman & Chief Executive Officer of the Corporation. He is a Fellow of The Institute of Chartered Accountants of India. Mr. Mistry is also the Chairman of CII National Council on Corporate Governance. Mr. Mistry joined the Corporation in 1981.

He was appointed as the Executive Director of the Corporation in 1993, as the Deputy Managing Director in 1999 and as the Managing Director in 2000. He was re-designated as the Vice Chairman & Managing Director of the Corporation in October 2007 and as the Vice Chairman & Chief Executive Officer, with effect from January 1, 2010. He was also a member of the Committee of Corporate Governance set up by Securities and Exchange Board of India. Mr. Mistry is also a member of the Risk Management Committee and Corporate Social Responsibility Committee of Directors.

Renu Sud Karnad

Managing Director - HDFC Ltd.

She is the Managing Director of the Corporation. She holds a Master’s degree in Economics from the University of Delhi and is a graduate in law from the University of Mumbai.

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Renu Sud Karnad

Managing Director - HDFC Ltd.

Renu Sud Karnad

Managing Director - HDFC Ltd.

He is the Managing Director of the Corporation. She holds a Master’s degree in Economics from the University of Delhi and is a graduate in law from the University of Mumbai. She is a Parvin Fellow – Woodrow Wilson School of International Affairs, Princeton University, USA. Ms. Karnad joined the Corporation in 1978 and was appointed as the Executive Director of the Corporation in 2000 and was re-designated as the Joint Managing Director of the Corporation in October 2007.

She was appointed as the Managing Director of the Corporation, with effect from January 1, 2010. Ms. Karnad is also a member of the Risk Management Committee and Corporate Social Responsibility Committee of Directors.

HDFC Property Ventures Ltd, India

Keyur S Shah

CFO

Keyur is the Chief Financial Officer at HDFC Property Ventures Ltd. Having over 26 years of experience he carries with himself a wealth of knowledge in the field of Finance, Accounting and Taxation.

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Keyur S Shah

CFO

Keyur S Shah

CFO

Keyur is the Chief Financial Officer at HDFC Property Ventures Ltd. Having over 26 years of experience he carries with himself a wealth of knowledge in the field of Finance, Accounting and Taxation. He possesses intricate understanding of the Taxation, Financial structuring, accounting practices and company regulations.

He also engages profoundly in business operations and strategy, bringing in strong industry and competitive insights.

Prior to joining HPVL, Keyur was associated with a Big Four accounting firm, for 11 years in the domain of Private Equity Transaction Services and Mergers and Acquisitions (M&A) groups. He was actively involved in M&A, corporate restructuring, joint venture planning and structuring, planning for inbound and outbound investment and determining effective divestment strategies.

Keyur serves as a member of the Board of Directors at HDFC Education and Development Services Pvt. Ltd. which is a wholly-owned subsidiary of HDFC Ltd. aiming to redefine education in India. Keyur is also a part of the Indian Private Equity and Venture Capital (IVCA) CFO Forum and a member of the IVCA Regulatory Affairs Committee.

Keyur’s presented various research papers on technical issues on platforms like Singapore Venture Capital Association, Bombay Chartered Accountants Society and the Institute of Chartered Accountants of India(ICAI).

Keyur is a member of the Institute of Chartered Accountants of India ('ICAI') having secured an All India Rank. He holds a Bachelor’s degree in Commerce from the University of Mumbai.

Vikram Ved

Sr.Vice President - Finance & Accounts

Vikram leads the Finance and Accounts function of the Fund. He has an extensive experience of over 22 years in the domain of finance, accounting and taxation.

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Vikram Ved

Sr.Vice President - Finance & Accounts

Vikram Ved

Sr.Vice President - Finance & Accounts

Vikram leads the Finance and Accounts function of the Fund. He has an extensive experience of over 22 years in the domain of finance, accounting and taxation. His areas of expertise include Taxation, Financial structuring and accounting practices. Prior to joining HDFC in 2005, he worked with KPMG and Northern Marine Management India.

Vikram is a commerce graduate from the University of Mumbai.

Rajeev Kumar

Sr. Vice President - Legal & Compliance

Rajeev has over 18 years of experience in domain of Legal and Compliance practice across Real Estate, Infrastructure and Textile industries.

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Rajeev Kumar

Sr. Vice President - Legal & Compliance

Rajeev Kumar

Sr. Vice President - Legal & Compliance

Rajeev has over 18 years of experience in domain of Legal and Compliance practice across Real Estate, Infrastructure and Textile Industries. He specializes in legal aspects of fund raising, transaction documentation & structuring, due diligence and litigations. Previously, he was associated with Tata Realty and Infrastructure Ltd., Simplex Infrastructures Ltd. and Siyaram Silk Mills Ltd.

Rajeev is a Law graduate, a member of The Institute of Company Secretaries of India and holds Masters Degree in Financial Management from JBIMS Mumbai.

Shraddha Vaidya

Manager - Investor Relations

Shraddha joined HDFC Property Fund in December 2015 as Associate, Investor Relations. Prior to HDFC Property Fund she has worked with firms in Telecom

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Shraddha Vaidya

Associate - Investor Relations

Shraddha Vaidya

Associate - Investor Relations

Shraddha joined HDFC Property Fund in December 2015 as Associate, Investor Relations. Prior to HDFC Property Fund she has worked with firms in Telecom and Mutual Fund industries. She has a cumulative work experience of 8 years in field of investor relations and risk management. Shraddha holds a Master Degree in Management Studies from Mumbai University.

Navinaksha Shetty

Associate Vice President -
Finance & Accounts

Navinaksha handles the accounting and financial operations of the Fund. Before joining the Fund, he was working with Sansara Hotels India Pvt. Ltd

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Navin Shetty

Associate Vice President - Finance & Accounts

Navin Shetty

Associate Vice President - Finance & Accounts

Navinaksha handles the accounting and financial operations of the Fund. Before joining the Fund, he was working with Sansara Hotels India Pvt. Ltd and has a cumulative experience of 16 years.

Navinaksha is a commerce graduate from the University of Mumbai.

Mukesh Jajodia

Vice President

Mukesh, member of the Institute of Chartered Accountants of India, specializes in managing the accounting, taxation and financial aspects of the business.

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Mukesh Jajodia

Vice President

Mukesh Jajodia

Vice President

Mukesh, member of the Institute of Chartered Accountants of India, specializes in managing the accounting, taxation and financial aspects of the business. He has a total experience of over 16 years and has been with Fund since 2015. Prior to joining HDFC, he has worked with Milestone Group, Suntech Realty and Aditya Birla Group.

Mukesh is a qualified Chartered Accountant and also holds a Master certification in Business Finance.

Amit Prashanta Roy

Vice President

Amit has over 13 years of experience across Real estate investments and development. His expertise includes investment analysis, project monitoring and technical scrutiny

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Amit Prashanta Roy

Vice President

Amit Prashanta Roy

Vice President

Amit has over 13 Years of experience across Real estate investments and development. His expertise includes investment analysis, project monitoring and technical scrutiny of Real estate investments. He was associated with Larsen & Toubro before joining HDFC in 2010.

Amit holds a Bachelor’s degree in civil engineering from University of Nagpur.

Divik Ostwal

Vice President - Investments

With over 13 years of experience in Real estate investments and advisory, Divik is part of Investments team at HDFC Property Fund since 2010.

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Divik Ostwal

Vice President - Investments

Divik Ostwal

Vice President - Investments

With over 13 years of experience in Real estate investments and advisory, Divik is part of Investments team at HDFC Property Fund since 2010. He is responsible for origination, investment evaluation, transaction execution and divestments. Prior to joining HDFC, Divik worked with JLL in the Research and Advisory team.

Divik holds an M.Tech degree in Project management from CEPT, Ahmedabad and Bachelor’s degree in Architecture.

Dipesh Morabia

Vice President

Dipesh has a combined experience of over 12 years in the Real Estate Private Equity space. He has worked and advised on several Equity & Structured Debt transactions

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Dipesh Morabia

Vice President

Dipesh Morabia

Vice President

Dipesh has a combined experience of over 12 years in the Real Estate Private Equity space. He has worked and advised on several Equity & Structured Debt transactions across real estate asset classes. He has worked on large commercial, residential & warehousing investments in addition to a few entity-level investments. In his earlier assignments, he has worked with a large domestic Real Estate fund and an APAC focused Logistics fund platform.

Dipesh is an alumnus of the Indian Institute of Management, Lucknow and holds a Bachelor’s in Management Studies from Narsee Monjee College, Mumbai.

Kirtana Jaishankar

Manager

Kirtana joined HDFC Property Fund as part of the legal team. She has about 4 years of experience in private equity transactional work, corporate M&A, due diligence

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Kirtana Jaishankar

Manager

Kirtana Jaishankar

Manager

Kirtana joined HDFC Property Fund as part of the legal team. She has about 4 years of experience in private equity transactional work, corporate M&A, due diligence, corporate legal advisory work, secretarial and regulatory compliance. She was previously working with the corporate, transaction advisory and M&A team of a law firm called Vaish Associates.

Kirtana is law graduate and a commerce graduate from Mumbai University and an associate member of the Institute of Company Secretaries of India.

Bhavin Modi

Senior Associate

Bhavin is part of the investments team and prior to this has an experience of over 4 years in the domain of business valuations, financial structuring, strategy and advisory.

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Bhavin Modi

Senior Associate

Bhavin Modi

Senior Associate

Bhavin is part of the investments team and prior to this has an experience of over 4 years in the domain of business valuations, financial structuring, strategy and advisory. Prior to joining HDFC Property Fund, he worked with PwC and Desai Haribhakti.

Bhavin is an associate member of Institute of Chartered Accountants of India and has completed post-graduation from Mumbai University.

Griha Pte Ltd, Singapore

Chetan Doshi

Director; Vice President - Investments

Chetan in a commerce graduate and is also member of The Institute of Chartered Accountant of India. Chetan joined Griha Singapore in 2018

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Chetan Doshi

Director; Vice President - Investments

Chetan Doshi

Director; Vice President - Investments

Chetan in a commerce graduate and is also member of The Institute of Chartered Accountant of India. Chetan joined Griha Singapore in 2018 with over 12 years of progressive experience in field of Finance, Accounting, Private Equity structuring, Asset Management, Investment Analytics across various financial institutions. He is the licensed representative of the Company in Singapore.

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