Golden Growth Fund to raise Rs 400 cr to buy land in South Delhi
Golden Growth Fund (GGF), a category-II alternative investment fund, is looking to raise ₹400 crore to deploy it in land acquisition in South Delhi and develop luxury floors.
It has closed the first round of fundraising and also acquired a land parcel in South Delhi's upscale Anand Niketan residential colony.
Since Delhi is primarily a market with low-rise buildings, local builders redevelop the property and sell the floors independently for as high as ₹30 crore each.
«South Delhi has an extremely supply-constrained real estate market for luxury housing. We have already tied up with Grovy India for development and are looking to acquire 8-10 plots in a year,» said Ankur Jalan, chief executive of the fund.
The fund's first project entails an investment of ₹50 crore, including the land, and it expects to generate ₹65 crore from the project.
According to experts, plot acquisition in the prime South Delhi market has increased as demand for luxury residences with amenities has gone up.
Builders are acquiring old assets, constructing four floors and selling them independently.
«The real estate market in South Delhi has immense potential but lacks transparency. A lot of investors are keen to invest with the right project and the right developer. With this fund, investors can invest transparently and get a better return,» Jalan said.
The land acquired by the fund will be redeveloped into an ultra-luxury residential project comprising four apartments spanning a total area of about 17,000 sq ft.
The first project
