Dewan Housing Unit To Raise $40M Real Estate Fund
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Dewan Housing Unit To Raise $40M Real Estate Fund

By Reuters

  • 06 Dec 2011

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.

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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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