Mumbai-based Rustomjee Group on Thursday announced the launch of a real estate fund called Mt K Kapital of $50-$75 million. It will be a development fund platform focused on projects in Mumbai Metropolitan Region in the residential and mixed-use development segments.
In future, the fund will also invest in completed mixed-use commercial assets across various cities. The company said that the Securities and Exchange Board of India (Sebi) filings for the CAT II AIF license have already been made.
Boman Irani, chairman and managing director, of Rustomjee Group, said, “We are glad to create Mt. K Kapital platform and through this, we aim to leverage our development expertise and grow our presence in the MMR while maximising value to the investors of the fund.”
The venture will be led by Binitha Dalal and Abdeali Tambawala who have over 15 years of experience in real estate and fund management understanding of finance and investments in realty.
Binitha Dalal, founder, of Mt K Kapital, said, “We believe that now is the right time to set up the real estate development fund platform. We will work towards creating true value for our investors and keep growing the scope of this platform in times to come. We aim to bring in assets with a top line of $0.5 billion in the first fund.”
Rustomjee did not disclose details about the investors or return expectations from the platform.