Assetz Property plans $250m India residential project fund

Singapore-headquartered real estate developer Assetz Property has plans to raise a $250 million fund to invest across mid-income residential projects in India, according to The Economic Times (ET).

“We are reasonably institutionalized and have the capability to provide transparency and higher fee to investors. The fundraising will be completed in the next one year,” Akshay Dewani, CEO, residential, Assetz Property, told ET.

The fund will be used to buy land parcels to develop 15 million square feet of residential projects across Bengaluru apart from venturing into newer geographies like Pune, Chennai and Hyderabad. The new fund will invest in building properties between Rs 3,700 per square foot and Rs 5,500 per square foot ($52.34 per square foot and $77.8 per square foot) with the majority of money earmarked for Bengaluru.