BY REUTERS
Fund will invest in middle-income housing projects,
mostly located in tier II & tier III cities and the metro outskirts.
ArthVeda
Fund Management, a unit of Dewan Housing Finance Corp. (DWNH.NS) said on
Tuesday it plans to raise 2 billion rupees (about $40 million) to invest in
greenfield real estate projects.
The
fund, which is open for domestic institutions and high net-worth individuals,
has a greenshoe option of raising another 1 billion rupees, it said in a
statement.
The
fund will invest in middle income housing projects, ranging 1.5 million rupees
to 4 million rupees per unit, with most of the investments in tier-II and tier
III cities and metro outskirts across India, it said.
The
ticket size of the fund deployment will be between 50 million rupees and 200
million rupees with an investment duration of 24-36 months, it said.
Private
equity investment in Indian realty was marginally down in the first nine months
the year to about $784 million, from $817 million the same time last year, data
from industry tracker VCCircle.com, showed.
Domestic
fund houses including Kotak Real Estate Fund, IndiaReit and ASK Investments are
all in the process of raising funds of about $1 billion, fund officials have
told Reuters.
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