Renu Sud Karnad, chairperson of HDFC Property Ventures and executive director of HDFC, said: "The objective of the fund is to invest in FDI- compliant real estate projects in India to achieve long-term capital appreciation. The fund will target equity returns of 20-25%. The fund will have a conservative approach with no regional or sector bias, and would invest in residential, commercial, hospitality, education and healthcare sectors and at the developers
