The Indiabulls Asset Management Company aims to raise Rs 1,000 crore to finance its commercial and residential plans this fiscal year.
Ambar Maheshwari, the Chief Executive Officer (private equity funds) of Indiabulls explains, “The plan is to raise Rs 1,000 crore through Alternative Investment Fund (AIF) 3.” There’s a portfolio worth Rs 2,000 crore each in the residential and commercial real estate sectors.
Indiabulls Dual Advantage Commercial Asset Fund, the Alternative Investment Fund 3, will be dedicated to Tier-I city commercial assets. It will greatly benefit the company in regular rental income generation and capital increase. Return on investments will gradually increase if the above is implemented soon.
Indiabulls has also acquired a commercial real estate project in Gurugram, called The Sky View Corporate Park. This project is spread across 21 acres of land, and will be developed in multiple stages. The corporate park area, which directly corresponds to 2.35 lakh square feet, has been bought from Hines India. It is an American real estate developer, outsourced to an Indian IT firm.
The company is co-investing in this project with investor Rahul Bhatia ‘s new real estate venture, InterGlobe Real Estate Ventures pvt ltd. Following Gurugram, Indiabulls will also close another real estate deal in Hyderabad in the coming days.