At a time when the real estate sector is going thorugh liquidity problems,the promoters of the Hi-lite Group, Kerela Based builders have launched a real estate focused venture capital fund.
Secura India Real Estate Fund, Kerela’s first SEBI recognised real estate venture capital fund, has been launched in Kozhikode. It will be a Shariah compliant fund. Besides the Hi-lite group, the fund is also promoted by a group of real estate professionals.
The fund targets an initial corpus of Rs 50 crore, the closing date being July, 31. The minimum investment limit, is reportedly Rs 5 lakhs and the investments can be made in various installments. An investor would need to pay only 20% of the total investment as the first installment and the rest of the installments can be paid over a period of 18 months.
The VC investment in any project would be typically at land Cost stage, under which the fund would invest and collaborate with developers/land owners from inception to completion. It would also provide capital for land acquisition in the high potential locations for development.
The fund would be involved in the shaping the direction of the project and may do so through active involvement in the special purpose vehicles (SPVs). The fund’s managing director,M.A. Mehaboob is the promoter and Director of hi-lite Builders Private Limited.
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