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SMC Group and IM+ Capitals have joined hands to float a private equity fund that will focus on making downstream investments in mid-segment affordable housing projects in India.
This ₹500-crore realty fund — SMC & IM+ Realty Fund — recently obtained SEBI approval as an AIF Category–II fund and is scheduled to have its first closure on June 30, Abhimanyu Londhe, CEO & Head of Investments, SMC & IM Capital Investment Manager LLP, told BusinessLine . This will be a five-year fund with a one-year extension, if required, he said.
Londhe said the effort would be to deploy the funds in affordable housing projects on a pan-India basis.
The first phase will focus on Bengaluru. In the second phase, it will cover Hyderabad and Delhi-NCR. The third phase will cover Chennai, Kolkata and Lucknow, Londhe said. With affordable housing getting the infrastructure tag and the NDA government giving a big push to the real estate sector, Londhe sees ample opportunities for growth.
“There can never be a shortage of demand from a real estate or housing perspective,” he said, adding: “Today we have low-income group (LIG), middle-income group (MIG) and high-income group (HIG) categories in houses. We certainly are not in the LIG, but are looking at MIG and HIG.”
Established in 1994, SMC is a well-diversified financial services company in India, offering a wide range of investment products and financial services.
IM+ Capitals, part of the REPL Group, is a BSE-listed entity in operation since 1992.
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