A recent press report said that a Leading private equity firm ICICI Venture today has planned to raise up to Rs 1,000 crore from high net worth individuals in the next 6-9 months to invest in the residential real estate.
Sanjeev Dasgupta, ICICI Venture President (Real Estate) told the press that they are planning to raise Rs 750-1,000 crore in next 6-9 months. The company has invested in various realty projects in last few years, including Express Tower in Mumbai and IT SEZ in Hyderabad.
He said the funds would be raised largely from high net worth individuals (HNIs) and would be deployed in the housing projects across major cities. He also said that the bank was planning to invest in mid-income housing segment in the top six cities of the country.
Mr. Daspupta said that the hike in repo rates and reverse repo rates by 25 basis points has lead to the increase in interest rates on home loan and rise in cost of funds for construction financing. He also said that there could be a slowdown on housing demand but there will be growth in prices.