Comments
Brick Eagle Capital Advisory has received Rs 50 crore anchor commitment each from Bennett Property Holdings and Axis Bank for its Alternative Investment Fund. The fund has a targeted corpus of Rs 500 crore.
The Brick Eagle India Affordable Housing Fund is a Category II AIF registered with SEBI, aimed at catalysing 50,000 homes for low-income families.
Amid increasing investor interest for affordable housing, Kirti Timmanagoudar, Managing Partner of Brick Eagle Capital Advisory, said: “Our fund has been created with local developer requirements in mind and will make several small investments at early stages. We invest in developers who target end customers as home buyers and not investors.
“Hence the sales velocity, business profitability and internal rate of returns are not dependent on economic cycles,” he added.
Prior to this fund, Brick Eagle Capital Advisory has raised Rs 400 crore for project finance, which has been deployed across nine cities and eight developers.
Recent policy initiatives such as 'Infrastructure' status for the sector, tax holidays for developers and subsidies of up to Rs 2.7 lakh for first time home buyers have been a boost to affordable housing sector.
“There is a large, genuine and mostly unmet need for affordable housing and the government’s thrust and commitment towards this is noteworthy,” said Jagdeep Mallareddy, Head-Retail Lending at Axis Bank.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.