HDFC the pioneers in Housing Loans had setup HDFC Real Estate Fund in 2005 to cash in on the countrys booming real estate. The Mauritius-registered and HDFC-sponsored India Offshore Real Estate Investments has been allowed by the Cabinet Committee on Economic Affairs to invest $720 million (Rs 3,240 crore), raised overseas, in units issued by HDFC International Real Estate Fund (IREF). IREF would in turn invest in Indian companies.No doubt HDFC is a professionally managed company. What is surprising is, inspite of the Indian government allowing retail Indian investors to invest in Real Estate Mutual Funds, HDFC has preferred Foreign Investors over Local Indian Investor. Why is HDFC not raising money from Indian Investors ?
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