HDFC Property Fund is raising a $500-million (Rs 3,600 crore) private equity (PE) fund. : HDFC Property Fund and Motilal Oswal Real Estate, which are raising new real estate funds, are looking at buying apartments and projects at lower valuations as property developers struggle with lower sales and liquidity. HDFC Property Fund is raising a $500-million (Rs 3,600 crore) private equity (PE) fund. It is looking to buy ready residential inventory from developers, said sources.