New Delhi, Nov. 24 -- Noida-based real estate developer ATS HomeKraft has paid back $140 million (Rs 1,250 crore) to HDFC Capital Affordable Real Estate Fund - 2 (HCARE-2), a real estate fund by HDFC Capital, through internal cash flows, the company said in a statement.
The debt funding was largely committed during the pandemic period and was due to be paid back in 2025. One person who is close to the development told VCCircle that the initial borrowed principal was Rs 800 crore.
The HCARE-2 portfolio with ATS comprised projects with over 7,500 units having a total sales value of approximately Rs 8,000 crore, the statement said.
"This exit to HDFC Capital [real estate fund] is a testament to our 35-year legacy as a fully vertically integrated developer and underscores our focus on developing homes that are designed for the end user," said Getamber Anand, chairman, ATS Group.
Recently, the developer also prepaid Rs 190 crore to the government-backed SWAMIH Investment Fund I.
ATS HomeKraft, which is the affordable housing arm of ATS Group, recently marked its entry in the Dwarka Expressway corridor in Gurugram and is preparing a new launch in 2026 backed by funding of Rs 250 crore (around $28 million) from H-CARE 3.
It has presence across North Delhi, Noida, Gurugram, Sohna, Vrindavan and Ghaziabad, among other cities.
ATS Group has completed over 25 residential projects spanning 60 million sqft and has 24 ongoing projects covering 30 million sqft.
In 2017, it had formed HomeKraft Infra Private Limited in partnership with the investment-manager HDFC Capital to develop mid-income housing across Delhi-NCR.
HDFC Capital, the real estate private equity arm of the HDFC Group, manages a $4.5 billion platform focused on affordable and mid-income housing.
Published by HT Digital Content Services with permission from VC Circle.