Dalmia Nisus Finance Investment Managers LLP, an alternative asset manager of Nisus Finance Group, has invested over Rs 125 crore in two projects of real estate developer Puranik Builders through its Real Estate Credit Opportunities Fund-I.
The residential projects—Rumah Bali and Tokyo Bay—are spread over a total 30 acres with cumulative development potential of over 3.2 million sq ft in Thane’s Ghodbunder Road and Anand Nagar localities.
Dalmia Nisus is the joint venture fund of Nisus Finance Group led by industry veteran Amit Goenka and the Dalmia Group headed by Gaurav Dalmia. The investment has been made from the Rs 500-crore fund that primarily invests into structured credit and mezzanine investments across the housing segment in India.
“Our capital will help accelerate and complete further phases in Puranik Builders’ already successful projects of Rumah Bali and Tokyo Bay,” said Amit Goenka, CEO at Nisus Finance. “Our investment will unlock value for all stakeholders in a short period of time including current and future home buyers who are looking at value purchases from a reputed corporate developer.”
Rumah Bali is a larger layout project spread across around 15 acres adjacent to Ghodbunder Road with a total development potential of 1.6 million sq ft. The developer has already delivered the project’s phase I and II. Currently, phase III and phase IV are under development with 0.7 million sq ft of saleable area and the developer has sold over 50% in these phases.
Tokyo Bay is also spread over nearly 15 acres in Anand Nagar with a total development potential of 1.6 million sq ft. The developer has already delivered phase I in the project, while second and third phases are currently under development with 0.8 million sq ft saleable area and the developer has sold nearly 50% in these phases of the project as well.
“We are glad to partner with Nisus Finance and the Dalmia Nisus Fund that have deep understanding of the asset class, have fast paced completion and delivery as their capital objective,” said Shailesh Puranik, MD, Puranik Builders. “Our practices and data stood the test of their diligence and this investment in our projects will create customer delight as we accelerate and complete these landmark projects.”
Puranik Builders, a residential property developer, has so far delivered over 6.5 million sq ft in several micro markets of Thane, Pune and Mumbai Metropolitan Region (MMR).
Nisus Finance Group manages several alternative investment funds (AIF) funds including RECOF-I, an AIF Category–II fund, a real estate-focussed fund that seeks to achieve superior, consistent and risk-adjusted returns by making opportunistic medium-term structured investments in mid-income, affordable housing and plotted development projects.
Private equity investments into the real estate sector have continued to rise over the last few years and even the last two years despite the pandemic scenario.
The appetite for Indian real estate assets among both global and domestic institutional investors continues to be strong as they are eyeing several investment opportunities across residential, mixed-use, commercial, retail, industrial and other segments.