RSS FeedUnitech's CIG Realty Fund To Raise $1 Billion
Wed, 05/31/2006 - 17:20 — Sahad P VCIG Realty Investors (India), a fund promoted by Delhi-based Unitech, plans to raise $1.1 billion in the next six months. The fund will be raised both from the domestic as well as international markets, reports The Economic Times.
It has already raised Rs 260 crore from the domestic market, which is likely to go up to Rs 350 crore over next two months. By the year-end, it is looking at the international market to raise over $1 billion. This is probably the first realty fund from any leading developer in India.
Go to article in The Economic Times.
In India, real estate was a dirty business till the other day. How many organised players are there in this industry other than DLF and Unitech? Most of the players are basically those who created a landbank and, in India, landbank is all about your local influence, polictical clout etc. So developers are just about getting organised as a business, bringing in best practices etc.