Residential investment and development platform NeoLiv has initiated a fund raise of $150 million, with a green shoe option of $60 mn. The company plans to develop 12 residential and plotted development projects in Delhi-NCR and Mumbai Metropolitan Region (MMR).
“We have identified 12 land parcels for our residential projects and our first launch will commence operation by 2024. For investors, the platform provides an opportunity to invest at land stage. For customers, our aim is to provide security of timely delivery,” Mohit Malhotra, founder and CEO, NeoLiv, said, adding the company is targeting a topline of Rs 10,000 crore from its projects.
He said that NeoLiv has been designed to manage every facet of real estate projects, from financing to execution to final handover and even post-possession management. “We expect to make the first close from the AIF by the end of this year,” he said.
Asked if the company is also exploring the possibility of joint development, Malhotra said it is willing to partner with land owners for joint developments to create an asset-light model for the company. He said the company is targeting 10 million sq feet of development by the end of this fiscal. It is also eyeing plotted developments in markets like Sonepat and Panipat among others.
The company said bulk of its offering in the group housing development will be in the Rs 1 crore to 3 crore bracket.
NeoLiv is a real estate funding and development platform founded by former MD of Godrej Properties Mohit Malhotra and six other equity partners from the real estate sector.
Earlier, alternates-focused asset firm 360 ONE (formerly IIFL Wealth & Asset Management) has entered into a strategic partnership with NeoLiv by taking a minority stake in the company.
The company has two divisions – NeoLiv Capital and NeoLiv Real Estate.