ATS HomeKraft repays ₹1,250 crore to HDFC Capital Fund ahead of schedule

In a rare early exit in India’s residential real estate sector, mid-income housing developer ATS HomeKraft has fully repaid ₹1,250 crore to the HDFC Capital Affordable Real Estate Fund–2 (HCARE-2), ahead of schedule. The repayment was made entirely through internal cash flows generated from HCARE-2 portfolio projects, without any third-party refinancing.

The HCARE-2 portfolio with ATS HomeKraft comprised over 7,500 housing units with total sales of around ₹8,000 crore. Notably, the bulk of HDFC Capital’s funding was committed during the pandemic-induced slowdown. The complete and early repayment underscores the sustained demand in the mid-income housing segment and reflects ATS HomeKraft’s strong sales performance and disciplined execution.

ATS Group is one of North India’s leading real estate developers, with more than 25 completed residential projects spanning 60 million sq. ft. and 24 ongoing projects covering 30 million sq. ft. In 2017, it set up HomeKraft Infra Private Limited in partnership with HDFC Capital to build mid-income housing across Delhi-NCR.

HDFC Capital, a subsidiary of HDFC Bank Limited, is the real estate private equity arm of the HDFC Group. Managing a $4.5 billion platform focused on affordable and mid-income housing, it supports the government’s ‘Housing for All’ mission.

Vipul Roongta, CEO and MD of HDFC Capital, and Pankaj Khanna, Associate Principal – Investments and Technical at HDFC Capital, said the partnership with ATS demonstrated the fund’s confidence in developers who maintain operational rigour. “Most projects in the portfolio have seen prices nearly triple in 4–5 years, signalling strong unmet demand for quality mid-income housing,” they said.

Getamber Anand, Chairman of ATS Group, credited the achievement to the company’s long-standing reputation and end-user focus. “This exit to HDFC Capital 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,” he said.

The company’s financial posture has strengthened further in recent quarters. ATS recently prepaid ₹190 crore to the government-backed SWAMIH Investment Fund I for its Dwarka Expressway project, ‘ATS Marigold,’ reinforcing what Udaivir Anand described as the group’s robust cash flow position and improved balance sheet metrics.

Riding on this momentum, ATS HomeKraft has expanded into the fast-growing Dwarka Expressway corridor in Gurugram with a mid-income housing project and plans another launch in 2026, supported by ₹250 crore from H-CARE 3. The developer now holds a diversified pipeline of group housing and plotted development projects across Delhi-NCR, Noida, Sohna, Vrindavan, and Ghaziabad.

Also See: ATS Infrabuild to undergo insolvency process for Rs 5-crore default