The promotors of Noida-based real estate developer Nirala World and Sea Fund have launched an Alternative Investment Fund (AIF) worth Rs 2,000 core to invest in real estate projects across India.
The SGRE Fund is a scheme-based fund, registered with Sebi under Category II. The AIF aims to provide financial assistant as investment and loans through debenture and equity to realtors struggling to get funding to revive or complete projects, Nirala World said in a statement.
The fund plans to invest in all types of residential and commercial real estate projects, and has already invested Rs 125 crore across two held up projects in Noida.
The company said that another round of disbursement is expected soon and for this, SGRE Fund has also applied for 2nd scheme through equity participation having worth Rs 500 crore.
Suresh Garg, lead promoter of SGRE Fund said that any project which has a requirement of the fund the company can apply for the fund.
