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Credent Global Finance (CGF), BSE-Listed, SEBI-Registered NBFC Talks are on to raise ₹500 crore under AIF to fund mid segment real estate state projects in Tier 2 cities. Vishnu RathoreCredent Global’s board of directors said.
Rathore said, “We will focus on Tier 2 cities, which are the next engine of growth and have huge potential for growth. Our ticket size will be Rs 30-50 crore.
According to CBRE, investment in real estate in India is set to increase by 32% in 2022 to reach an all-time high of $7.8 million.
Credent recently took over Essel Finance Private Equity Trade in all cash transactions. This private equity has invested over Rs 200 crore in 7 investee companies across Mumbai, Pune and Bengaluru. The company is exiting these investments.
Rathore said, “Credent is leveraging this private equity capability, operational infrastructure and ecosystem to launch a new real estate fund – Credent Estate Multiplier Fund, which will invest in mid-income housing projects through equity. “
The new fund will be split into two AIFs, one focused on Tier 2 cities while the other will focus on independent housing. The company is eyeing cities like Indore, Chandigarh, Lucknow and Baroda.
AhmedabadVadodara, Nashik, Gandhi Nagar and Jaipur have emerged as the top five tier-2 cities in the growth of the residential property market due to rapid urbanisation, industrialization and growth of IT. IndustryAccording to a recent report by real estate data analytics and consultancy company PropEquity.
The report highlights that there has been a significant jump in both the supply and absorption of quality residential properties across various price segments in these cities. The report tracks the performance of the residential segment of the real estate sector in various tier-2 cities from FY 2017-18 to FY 2021-22.
“Real estate activity in Tier 2 cities is fast catching up with Tier 1 cities. Interestingly, Ahmedabad’s residential real estate market size is Rs 83,390 crore, compared to Rs 52,554 in Tier 1 cities like Chennai and Kolkata. has surpassed a market size of Rs 38,440 crore and Rs 38,440 crore respectively at the end of FY 2021-22,” said Sameer Jasuja, founder and managing director of PropEquity.
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