Tamil Nadu-based Springfield Shelters Pvt Ltd, which is mainly into residential property development, is looking to raise around Rs 100 crore ($16 million) for its existing and upcoming projects.

Founded in May 2006 by C Raja John, Springfield Shelters has completed three projects in Coimbatore and has two ongoing projects in the region and is about to launch two more projects in two months.

John is an engineering graduate from Madras Institute of Technology, Chennai. Prior to founding this venture, he was working with Reliance Petro Products Pvt Ltd as a deputy general manager. Previously, he also worked with companies like Dupont Kurlon Ltd (zonal head, South India) and CEAT Ltd (regional head of South Indian operations).

The realtor is looking to raise external money first time since its inception and has appointed Surmount Advisors Pvt Ltd as a banker for the proposed funding.

"It plans to use the funding partly for existing projects and partly for new ones. The firm can also use it to retire its debt and it depends upon the leverage level acceptable to the investors," said Niraj Bora, founder director of Surmount Advisors.

He did not confirm the revenues of the firm last year but said that Springfield Shelters expects to have revenues of around Rs 60 crore in FY15.

The firm claims more than 100 acres of land bank as on date for ongoing and upcoming projects in Coimbatore.

Another realtor active in Coimbatore is Casa Grande which has raised PE funding in the past and is out in the market to raise more for various projects.

Southern property market has been gaining interest from realty funds over the recent past. One notable deal was when PE giant Blackstone, which has been more active in large sized commercial property transactions, recently inked what is arguably one of its first investments in the residential segment in Bangalore.

(Edited by Joby Puthuparampil Johnson)

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