LEADERSHIP REQUIRES BOTH CONVICTION & ADAPTABILITY: VIPUL ROONGTA

Q With HDFC Capital’s history of managing multibillion-dollar funds, how is your strategy adapting to the current real estate cycles?

HDFC Capital Advisors is India’s largest residential real estate fund manager with investor commitments in excess of US$ 4.5 billion over last 10 years. Our strategy is not just about providing early-stage funding, but being a trusted partner, offering holistic and bespoke financing solutions to developers. We want to be the first port of call for select developers focused on affordable and mid-income housing. This strategy enables us to navigate across multiple real estate cycles.

Q You have historically advocated for affordable & rental housing. What policy interventions could significantly accelerate affordable housing development?

The shortage of housing units is estimated at 30 million units by 2030. Currently, annual housing sales are around 600,000 units, so the shortfall is immense. Given the numerous definitions of affordable housing, I prefer to use the term ‘aspirational housing’ – housing that meets the demand of most homebuyers in terms of location, size and price points. I have often said that in housing there are three categories – the haves, have nots and have lots. The ‘have lots’ represents the current sharp skewness towards luxury housing. The ‘have nots’ need government support and subsidies. It seems like the ‘haves’ are the missing middle -- those who don’t need grants or subsidies, but yet struggle because of lack of supply of housing at price points that they can afford. I have been strongly advocating for solutions to enable this. We have to think about designated, special residential zones for affordable housing development. Second, infrastructure development and building affordable housing need to be developed simultaneously. Having a live GIS mapping of future urban infrastructure development will go a long way in helping transit-oriented housing. Third, we need more purpose-built housing and build-to rent options especially for worker housing, student housing, co-living and senior living.


Q Many consider REITs the future. What regulatory or market shifts do you foresee for REITs in coming times?

No doubt, both the government and regulators have been encouraging REITs. REITs shift real estate assets from being a static asset class to one that enables capital recycling, facilitates long-term yield creation, unlocks liquidity and allows retail investors to invest in this asset class. So far India’s listed REITs have been in commercial real estate assets. The government in its last union budget also announced the setting up a REIT of public sector assets to unlock value. Over time, I am confident the REITs market in India will deepen. As seen globally, the next phase should entail residential REITs and rental housing platforms. As rental and purpose-built housing gain traction and scale, it will also attract more long-term domestic and global capital.


I have often said that in housing there are three categories – the haves, have nots and have lots. Given the numerous definitions of affordable housing, I prefer to use the term ‘aspirational housing’.


Q HDFC Tech Innovators fosters an ecosystem connecting tech and real estate. Is PropTech finally moving from experimentation to large-scale adoption?

Yes, PropTech is moving from experimentation to adoption, though the real opportunity lies in scaling it meaningfully. The biggest challenge remains the development of deep-tech solutions and their adoption across the real estate value chain. Historically, real estate has underinvested in technology, but that is changing as the sector places greater emphasis on efficiency, transparency and execution. A stronger start-up ecosystem is also driving more innovation in the built environment. At HDFC Capital, we have seen this evolution through HDFC Tech Innovators and our broader innovation platform. The quality of solutions has improved significantly, especially in project monitoring, construction efficiency and decision support. But for PropTech to achieve meaningful scale, it must take a bottom-line approach and offer solutions that solve real business problems with measurable outcomes.


Q Looking back at your journey with HDFC Capital, what has been the most defining leadership lesson?

The most defining leadership lesson for me has been that investing is only the starting point. Real success lies in execution—working closely with partners to ensure capital translates into timely delivery, quality outcomes and sustainable returns. In our business, discipline after the investment matters just as much as the investment itself. The second lesson is the importance of evolving with the market. Real estate is dynamic, and leadership requires both conviction and adaptability.


Q When the history of India’s housing transformation is written, what role would you like HDFC Capital to be remembered for?

While the core team has been in business of real estate funds for over two decades, HDFC Capital is just a decade old! Yes, it has been a very rewarding journey so far, but there is a lot more work still to be done. India has to expand access to quality housing for aspiring Indians. At HDFC Capital, we will continue with our mission of bringing in long term, patient capital, encourage better governance in the real estate ecosystem and continue backing developers who build responsibly at scale in urban housing. India’s housing story is fundamentally linked to economic growth, social stability and wealth creation for families. Being a small part of this narrative is what drives us at HDFC Capital.


At HDFC Capital, we have stayed focused on affordable and mid income housing while continuing to innovate in how we partner, structure capital and build for scale.