SMC Global and IM Capitals Ltd have formed a joint venture to launch their maiden US$ 75 million fund exclusively for Indian real estate market with a green shoe option of up to US$ 75 million. SMC Global and IM Capitals are the principal sponsors of the fund. The fund will be forming an investment committee that will comprise of investors.
The managementÂ’s plan is to raise the fund and jump-start by investing in the affordable housing projects that have all requisite approvals and accelerate on the growth tide in affordable housing sector. The fund will also concentrate on investing against under construction residential and commercial units at deep discounts and generate a fixed interest coupon.
People with annual house hold income of Rs 20 -35 lakh are usually looking for housing. The fund will be investing in projects where apartment sale price match the buying rationale of such end users.