SMC Capital and REPL group – an Engineering Procurement Construction (EPC) company – initiates a Rs 1,000 crore real estate fund named as SMC IM Capital. This joint venture will be for the next seven years.
The purpose of this fund will be to invest strategically in the affordable housing sector. Many of the global investors from the US and the Middle East are ready to back this fund. It aims to close its first close by the end of this month.
The fund will target tier I and tier II cities and invest in the range of Rs 50 crore to Rs 80 crore in the middle segment affordable housing projects. Mumbai, Pune and Bengaluru will be covered in the first phase and then the fund will move to NCR, Ahmedabad and Hyderabad for the second phase investment.
The companies are more concerned about investing in projects with all the approvals. Once the first close is announced they will be ready to deploy.
“We have a dollar fund of about $100 million and a rupee fund of another $50 million. Domestic institutional investors too have committed a capital to the fund already,” says Abhimanyu Londhe, Chief Executive Investment Manager, SMC & IM Capitals.
Source: ET Realty