Mumbai: The country's largest pure-play mortgage financier HDFC has made a commitment to invest Rs 250 crore in the government-led special fund to revive stalled real estate projects, a top company official said on Wednesday.
HDFC Chief Executive Keki Mistry, however, added that the realty sector's revival hinges a lot on banks, which are reluctant to lend to stalled projects due to regulatory issues.
As part of its measures to boost growth, the government had in November last year announced a Rs 25,000 crore package for the real estate sector, including a corpus to help stalled projects.
SBI Caps, which is managing the fund, had last month announced the first close of the fund with Rs 10,530 crore commitments from investors, including HDFC.
"We are participating in the fund (with a contribution of) Rs 250 crore," Mistry told reporters on the sidelines of an event.
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