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.