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.

+ Know More

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.

KNOW MORE

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.

+ Know More

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.

KNOW MORE

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.

+ Know More

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.

KNOW MORE

HDFC Property Ventures Ltd, India

Keyur S Shah

Managing Director and CEO

+ Know More

Keyur S Shah

Managing Director and CEO

Keyur S Shah

Managing Director and CEO

Keyur has been with HDFC Property Fund (HPF) since its inception. Keyur has over 29 years of work experience. His responsibilities include sourcing and structuring investments, managing the fund portfolio investments, negotiating and structuring exits and also fund raising. He also engages in business operations and strategy, bringing in strong industry and competitive insights.

Immediately prior to joining HPVL, he was working with Big 4 firm for over a decade where he was part of the Private Equity, Transaction Services and Mergers and Acquisitions (M&A) groups.

Keyur serves as a member of the Board of Directors and audit committee chairperson at HDFC Education and Development Services Private Ltd which is a wholly owned subsidiary of HDFC Ltd aiming to redefine education in India. Keyur represents HPF on various forums such as the Indian Private Equity and Venture Capital association and APREA.

Keyur has presented various research papers and also participated on seminars on technical issues on platforms like Singapore Venture Capital Association, Citigroup REITs conference Tokyo, Bombay Chartered Accountants Society and Institute of Chartered Accountants of India (ICAI).

Keyur is a commerce graduate from Sydenham College, University of Mumbai and is also Chartered Accountant of the Institute of Chartered Accountants of India (‘ICAI’) having secured an all India rank in both ICAI Intermediate and Final examinations.

Vikram Ved

Chief Financial Officer

Vikram leads the Finance and Accounts function of the Fund. He has an extensive experience of 27 years in the domain of finance, accounting and taxation.

+ Know More

Vikram Ved

Chief Financial Officer

Vikram Ved

Chief Financial Officer

Vikram leads the Finance and Accounts function of the Fund. He has an extensive experience of 27 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

President - Legal & Compliance

Rajeev has over 21 years of experience in domain of Legal and Compliance practice across Real Estate, Infrastructure, financial services, textile and chemical industries.

+ Know More

Rajeev Kumar

President - Legal & Compliance

Rajeev Kumar

President - Legal & Compliance

Rajeev has over 21 years of experience in domain of Legal and Compliance practice across Real Estate, Infrastructure, financial services, textile and chemical industries. He specializes in legal aspects of fund raising, corporate legal, forex regulations, transaction & documentation, corporate governance and litigation advisory. Previously, he was associated with Tata Realty & 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.

He has featured in top 100 General Counsel - 2018 - by The Legal 500 and also featured in top 100 GC Powerlist – India Team, for the years 2017 and 2019 - by The Legal 500

Dipesh Morabia

Sr. Vice President - Investments

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

+ Know More

Dipesh Morabia

Sr. Vice President - Investments

Dipesh Morabia

Sr. Vice President - Investments

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.

Amit Prashanta Roy

Vice President - Investments

Amit has over 16 years of experience across Real estate investments and development. His expertise includes investment analysis,deal structuring

+ Know More

Amit Prashanta Roy

Vice President - Investments

Amit Prashanta Roy

Vice President - Investments

Amit has over 16 years of experience across Real estate investments and development. His expertise includes investment analysis,deal structuring, negotiations, project monitoring and technical scrutiny of Real estate investments. He has experience in handling structured investments and asset monitoring of large portfolio. 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.

+ Know More

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.

Shraddha Vaidya

Manager - Investments

Shraddha joined HDFC Property Fund in December 2015 as Associate - Investor Relations. Currently, she is part of the investments team and assists in evaluation

+ Know More

Shraddha Vaidya

Manager - Investments

Shraddha Vaidya

Manager - Investments

Shraddha joined HDFC Property Fund in December 2015 as Associate - Investor Relations. Currently, she is part of the investments team and assists in evaluation of proposals and in research relating to investments. Prior to HDFC Property Fund she has worked with firms in Telecom and Mutual Fund sector. She has a cumulative work experience of 10 years.

Shraddha holds a Master Degree in Management Studies from Mumbai University.

Mukesh Jajodia

Vice President - Finance & Accounts

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

+ Know More

Mukesh Jajodia

Vice President - Finance & Accounts

Mukesh Jajodia

Vice President - Finance & Accounts

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 18 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.

Navinaksha Shetty

Deputy 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

+ Know More

Navinaksha Shetty

Deputy Vice President - Finance & Accounts

Navinaksha Shetty

Deputy 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 18 years.

Navinaksha is a commerce graduate from the University of Mumbai.

Kirtana Jaishankar

Sr. Manager - Legal & Compliance

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

+ Know More

Kirtana Jaishankar

Sr. Manager - Legal & Compliance

Kirtana Jaishankar

Sr. Manager - Legal & Compliance

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.

Griha Pte Ltd, Singapore

Chetan Doshi

President - Investments

Chetan in a commerce graduate and is also member of The Institute of Chartered Accountant of India and Chartered Alternative Investment Analyst (CAIA).

+ Know More

Chetan Doshi

President - Investments

Chetan Doshi

President - Investments

Chetan in a commerce graduate and is also member of The Institute of Chartered Accountant of India and Chartered Alternative Investment Analyst (CAIA). Chetan joined Griha Singapore in 2018 and has over 14 years of progressive experience in field of Finance, Private Equity structuring, Asset Management, Investment Analytics across various financial institutions. He is MAS licensed representative of the Company in Singapore.

Carine Liew

Associate

Carine Liew is a Chartered Accountant of Singapore and a member of CPA Australia. Carine joined Griha Singapore in 2020

+ Know More

Carine Liew

Associate

Jaya Skandan

Associate

Carine Liew is a Chartered Accountant of Singapore and a member of CPA Australia.

Carine joined Griha Singapore in 2020 with over 4 years of experience in financial services Industry in Singapore.

She is a licensed representative of the company in Singapore.

Griha Investments, Mauritius

Hashim Sooltangos

Manager - Accounts and Administration

Hashim has joined Griha Investments as Accounts and Administrative Manager in January 2021, where he oversees the operational

+ Know More

Hashim Sooltangos

Manager - Accounts and Administration

Hashim Sooltangos

Manager - Accounts and Administration

Hashim has joined Griha Investments as Accounts and Administrative Manager in January 2021, where he oversees the operational, accounting and compliance aspects of the company.

Prior to joining Griha Investments, Hashim has accumulated 13 years of experience in the fields of accounting, company secretarial services, tax advisory and business development in leading Management Companies in Mauritius.

Hashim is a Fellow Member of the Association of Chartered Certified Accountants and is an Economics undergraduate from the University of Warwick.