HDFC Capital Advisors, the wholly-owned subsidiary of India's largest mortgage lender, has invested Rs 500 crore in realty developer Runwal Group's 115-acre township project in Dombivli near Mumbai, said two persons familiar with the development.
HDFC Capital Advisors is making this investment through its affordable and mid-income housing investment platform HDFC Capital Affordable Real Estate (H-CARE), which counts Abu Dhabi Investment Authority, the sovereign wealth fund of the Gulf emirate, and India's sovereign fund, the National Investment & Infrastructure Fund, as principal investors.
Runwal Group's arm Runwal Residency is developing this mixed-use project on a land parcel it has bought from Gammon India. The project with a total 13 million sq ft of development possibility, will be completed in a phase-wise manner in eight to 10 years. The company is currently in the process of getting the approvals for the project.
Through this platform, HDFC Capital is aiming to push established grade A developers towards affordable and mid-income housing projects as this will ensure not only increased supply but also the much-needed quality of construction.

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