We use cookies for analytics and ads to improve your experience. You can accept or decline. See our Privacy Policy.
Path to a Million Homes. In pursuit of more than a billion smiles in India.
HDFC Capital AIF-4 (IN/AIF2/24-25/1626, registered November 2024) is the umbrella trust for HDFC Capital Advisors Limited's (HCAL) fourth and most recent fund family, comprising two schemes: (i) HDFC Capital Development of Real Estate Affordable and Mid-income Fund-1 (H-DREAM Fund 1) — the flagship green affordable housing private credit fund; and (ii) HDFC Capital Development of Real Estate Affordable and Mid-income Fund-2. H-DREAM Fund 1 is the first private credit fund globally to champion green affordable and mid-income housing, requiring all financed projects to adhere to the IFC EDGE (Excellence in Design for Greater Efficiencies) green building framework, targeting energy, water, and material efficiency reductions of at least 20%. Target corpus: USD 1 billion (USD 500 million + USD 500 million green shoe). Anchor LP: IFC (International Finance Corporation, World Bank Group), which committed up to USD 150 million (up to 20% of capital raised). HDFC Capital's sponsor commitment: up to USD 50 million (5% of fund). In-principle commitments of ~USD 350 million in place by August 2025 announcement. IFC's investment expected to mobilize up to USD 850 million including sponsor commitment. HCAL is owned by HDFC Bank (90%) and ADIA (10%). The fund will enable development of at least 25,000 green affordable and mid-income housing units across Tier 1 and Tier 2 cities in India. Total HCAL four-fund platform: ~USD 4.5 billion dedicated to affordable and mid-income housing in India. Registered address: 6th Floor, Ramon House, H.T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai 400020.
HDFC Capital AIF-4 / H-DREAM Fund advances HCAL's core philosophy with an explicit green sustainability mandate: all investments must comply with the IFC EDGE green building framework, targeting at least 20% reduction in energy, water, and embodied energy in materials. The fund invests in senior, secured green loans and other debt instruments issued by developers of for-sale green residential real estate. The fund excludes: IFC Exclusion List activities, coal-related projects, slum rehabilitation projects, higher-risk activities involving involuntary resettlement, risks to indigenous peoples, significant environmental/biodiversity/community health risks, and significant occupational health and safety risks. Core investment philosophy pillars: (1) Flexible capital — debt/equity — for housing development generating market returns; (2) Credible developer partnerships with proven execution, local expertise, and conviction; (3) Active risk management through asset management with consistent, predictable results; (4) Innovation in design and technology for efficiencies and scalability. H-DREAM is HCAL's response to the fact that 275 million Indians (22% of population) lack access to adequate, affordable housing — creating a dual social and financial return opportunity.
Vipul Roongta
Managing Director & CEO
Vipul Roongta brings over 25 years of leadership and domain expertise spanning mortgages, real estate private equity, credit, and asset management. Since HCAL's inception, he has spearheaded its overall strategy, operations, and growth trajectory. He is regarded as a thought leader in the real estate industry with a focus on widening adoption of sustainability and innovative technologies for affordable housing. He has spoken at MIT (Boston), NYU, University of Oxford, and IIM Bangalore. He serves on various regulatory committees and industry bodies, and has been associated with the HDFC Group since 1999.
Rajesh Khushalani
Principal – Investments; Head – Asset Management & E&S Officer
With over 25 years of experience, Rajesh leads the investments team, oversees ESG initiatives, and heads the asset management function including investment monitoring and risk management at HCAL. Prior experience includes leadership roles at JP Morgan India's real estate investment arm, Carlyle Asia Real Estate Partners, ICICI Prudential AMC, and Urban Infrastructure Venture Capital.
Gaurav Arya
Principal – Investments & COO; SEBI Contact Person
Gaurav holds 22+ years of experience across land and real estate management, finance, investments, and infrastructure. He was part of the founding team that set up HCAL, oversees the firm's overall operations, and drives strategic initiatives and business processes. Previously part of the investments team at HDFC Asset Management Company Limited. SEBI contact person for H-CARE 2 (email: abhayg@hdfccapital.com — note: SEBI record lists Abhay Goyal; Abhay Goyal is a team member at HCAL).
Kunal Wadhwani
Principal – Investments
Kunal was part of the founding core team that established HCAL in 2016. With 20+ years of experience and USD 5 billion+ in cumulative real estate investments, he brings expertise in debt and equity investments, deal sourcing, underwriting, structuring, development oversight, portfolio management, and special situations, with focus on affordable and mid-income housing.
No insights published yet.
Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.
Danesh Bharucha
Principal – Investments & Strategy
A founding member of HCAL with 17+ years of experience in real estate investments, fund management, and equity research. Leads fundraising and manages investments at HCAL. Previously at HDFC Asset Management Company Limited (investments team) and as Fund Manager at ING Investment Management India Pvt. Ltd.
Deepak Parekh
Non-Executive Director
Former Chairman of HDFC Ltd (1993–2023). Currently Non-Executive Chairman of HDFC AMC, HDFC Capital Services Ltd, and Siemens Ltd; on the board of NIIF Ltd.
Vrishali Nayak
SEBI Contact Person
Keki Mistry
Non-Executive Director
Former Vice Chairman and CEO of HDFC Ltd. Non-Executive Director of HDFC Capital Advisors Limited.
Renu Sud Karnad
Non-Executive Director
Former Managing Director of HDFC Ltd. Non-Executive Director of HDFC Capital Advisors Limited.
Kaizad Bharucha
Nominee Director
Deputy Managing Director of HDFC Bank Limited. Nominee Director on the board of HDFC Capital Advisors Limited representing HDFC Bank's 90% shareholding.
Rajesh Gupta
Independent Director
Vijay Karnani
Independent Director