New Delhi, Nov 17 (KNN) HDFC’s subsidiary HDFC Capital Advisors has decided to offer financial support to 15 Indian startups through HDFC Affordable Real Estate and Technology Program (H@ART) which is its property technology fund.

As the first close of its property technology fund through global investors to support startups it had raised over Rs 500 crore in September.

It aims to back startups that drive innovation and efficiencies within the affordable housing ecosystem.

These 15 startups have been selected by HDFC Capital through HDFC Tech innovators programme.

It was carried in association with the government of India, other leading global and Indian funds, academia, and industry associations to identify the most innovative proptech companies.

Addressing the H@ART summit virtually, Hardeep Singh Puri, union minister of housing and urban affairs, said, “We have observed that the degree of absorption and adoption of technology in the real estate sector has so far been slower than in other infrastructure segments.”

“Platforms like HDFC Capital’s Housing and Real Estate Technology Platform are essential for the real estate industry, which is the second largest employer in India and is expected to contribute 13% of GDP in 2030,” he added.

According to him, these efforts to enhance adoption of technology in Indian real estate will encourage startups to build more disruptive innovations targeting and further strengthening the country’s housing ecosystem.

“We at HDFC firmly believe that technology will play a significant role in the development of a sustainable, efficient real estate ecosystem and in meeting India’s ‘Housing for All’ goal,” said Deepak Parekh, chairman, HDFC.

The real estate sector in India will likely reach USD 1 trillion in market size by 2030 fr0m USD 200 billion in 2021 and contribute around 13% of India’s GDP by 2030, according to industry estimates.  (KNN Bureau)