MUMBAI: ArthVeda Fund Management, part of financial services conglomerate Wadhawan Global Capital , is planning to raise $1 billion to invest in affordable housing projects across the country, said a top company official.The asset management company recently received $250 million commitment from Qatar Holding , part of Qatar sovereign fund, for its affordable, low and middle income housing fund. This is the first such commitment received by an Indian fund following the Budget 2017 proposal to grant affordable housing infrastructure status.“For us, focus on low and middle income housing started decades ago that got accelerated in 2003-04 and has now broadened into investment space through funds managed by ArthVeda. Over the last 13 years, our group flagship company DHFL has grown to close to Rs 90,000 crore from Rs 1,100 crore loans to affordable segment. We don’t consider the units’ size as the primary determinant, it’s the income level that drives us,” said Sen.For its investments, ArthVeda would consider projects catering to economically weaker sections, low income group and middle income group. This year’s budget has clarified that the basis for this benefit will be carpet area and not built-up space.

Source: Economic Times February 20, 2017 20:46 UTC