ICICI Venture has planned to raise up to Rs 1,000cr to invest in housing

By | May 16, 2011

A recent press report said that a Leading private equity firm ICICI Venture 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.

Mr. 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. He also said that 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 is planning to invest in mid-income housing segment in the top six cities of the country.

He said that the hike in repo and reverse repo rates by the Reserve Bank of India will lead to the increase in the interest rates on home loan and rise in cost of funds for construction financing. When asked about the impact on the real estate sector, Mr. Sanjeev said that there could be a slowdown on housing demand but ruled out any rise in prices.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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