Dalmia Nisus Finance has invested around Rs 80 crore in two real estate projects in Chennai and Bengaluru under development by Puravankara Ltd and Shriram Properties and is in the process of closing three other investments of Rs 125 crore.
Dalmia Nisus Finance Investment Managers LLP, an alternative manager, invested this amount from its Mortgage Opportunities Fund – I (RECOF – I).
Dalmis Nisus is the joint venture fund of Nisus Finance led by industry veteran Amit Goenka and the Gaurav Dalmia Group.
These early investments are part of the Rs 500 crore RECOF-1 fund which invests primarily in structured credit and mezzanine investments in residential space in India.
The RECOF-1 fund announced its first closing in March 2020.
Gaurav Dalmia, Chairman of the Fund’s Advisory Board, said: “On a long-term risk-adjusted basis, structured real estate remains a very attractive asset class.
Amit Goenka, managing partner and CEO of the fund, said this is a unique time for capital pools to maximize opportunities in the real estate industry.
“We are excited about our investment with the Puravankara Group and Shriram Properties and believe that in the current environment, top players like these will continue to show extraordinary growth and performance,” he added. .
“Our investments are uniquely structured to create a win-win relationship with our companies in which we invest while significantly mitigating idiosyncratic risks. Our investors will generate significant alpha due to the uniqueness of our structure and our partnership,” Goenka said.
The first transaction with Purvankara for a development mapped out in Chennai, while the second concerns the new gated community project of Tanmathra Aquarelle Pvt Ltd, under development managed by Shriram Properties Ltd.
This project, called Shriram Chirping Grove, is being developed by Shriram under a development management (DM) agreement, for Tanmanthra.
Shriram Chirping Grove is a gated community project in southern Bengaluru, launched on May 21 and has received an encouraging response with over 40 percent of the current phase sold already in less than two and a half months.
Mr. Murali, President and CEO of Shriram Properties, said: “The partnership with Dalmia Nisus Finance has been invaluable to us as it brings deep understanding, sophistication and engagement with the real estate industry, particularly in affordable housing and midrange, as well as in plotted development. . “
Partnerships such as with Dalmia Nisus Finance will help accelerate the pace of our existing projects and sales, he added.
The fund is currently in the process of closing three other investments for Rs 125 crore in Mumbai, Pune and Bengaluru.
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