HDFC Capital Affordable Real Estate Fund invests about Rs 560 crore in housing projects by CCI Projects in Mumbai.
The investment will be utilized for paying off the current debt and as working capital for the development of upcoming phases, the sources said, adding the working capital is to be invested in tranches.
The funds will be deployed for the second and subsequent phases of the project. The first phase has already been delivered.
The housing project, named Rivali Park Wintergreen, is a high-rise apartment complex on the Western Express Highway, Borivali.