India property fund plans to raise US$500m

New Delhi

A PRIVATE equity fund set up by Housing Development Finance Corp (HDFC), India's biggest mortgage lender, is targeting raising US$500 million to invest in residential real estate projects, said people directly involved in the process.

HDFC Property Fund plans to raise part of the funding from investors, including Singapore's sovereign wealth fund GIC and investment firm Temasek Holdings, and Oman's sovereign wealth fund (SWF) State General Reserve Fund, one of the people said.