Venture capital firm Azure Capital Advisors, which has floated a new realty fund, is looking to invest in small to mid-size residential projects in the southern and western regions of the country, together with Mumbai re-development projects.
Azure Capital expects to close to 6-8 re-development projects in Mumbai through its India Realty Fund-1. It plans to start financing the projects from October onwards. ?Each projects will be about Rs 40 to Rs 45 crore. If more capital is required we will raise it through co investors,? said Shailesh Ghorpade, managing director and chief executive, Azure Capital Advisors.
The company has identified locations in Chembur, Andheri, Tardeo, Kalina and similar places in Mumbai spreading over 20,000 to 4 lakh sq feet for the re-development projects. ?It would be self-development projects in collaboration with the housing societies in the locations,? said Ghorpade.
?The upfront risk is much lower in a re-development project as you don?t have to buy land,? he added.