REPL group, developed by SMC Capital and EPC have collaborated to launch ₹1,000 Crore real estate fund, SMC IM Capital. The fund got approval and support from global investors and will look at the total amount by end of this month. They planned to invest fund between ₹50 Crore – ₹80 Crore in the middle range affordable housing projects and the cities they have targeted are Mumbai, Bengaluru and Pune, and then move to NCR, Ahmedabad and Hyderabad.
Abhimanyu Londhe, chief executive of SMC & IM Capitals Investment Manager has announced that “We have a dollar fund of about ₹640 Crore ($100 million) and a rupee fund of another ₹970 Crore ($50 million). Domestic institutional investors to have committed a capital to the fund already, we will invest in projects that have got all approvals in place. Our deployment will start once the first close is announced,”
In India, Real estate market is the second largest market and is expected to grow at 30% over the next decade. Moreover, to support the forum, the government implemented the new Real Estate Regulation Act commonly known as RERA. The implementation of this Act has regulated businesses in terms of operations, predictable delivery schedule, thereby avoiding time and cost overruns.
The real estate market in India is expected to reach ₹1100000 Crore, in coming years and the contribution of the housing sector is 5-6% to the country’s Gross Domestic Product, which carries a huge number of participation.