ArthVeda unveils $1-bn realty fund

ArthVeda Fund Management in a latest move, has decided to generate $1billion to be invested in affordable housing projects across the country, said CEO of Arthveda Fund Management, Bikram Sen, adding that the player, which is a part of financial services conglomerate Wadhawan Global Capital, has recently secured $250 million commitment from Qatar Holding, part of Qatar sovereign fund, for its affordable, low, and middle income housing fund. Its approach is to look at LIG (Low Income Group), MIG (Middle Income Group), and EWS (Economically Weaker Section), only on the basis of their income levels. This is the first such commitment received by an Indian fund following the Budget 2017 proposal to grant affordable housing infrastructure status. For the company, low and middle income housing started decades ago that got accelerated in 2003-04 and has now broadened into investment space through funds managed by ArthVeda. ArthVeda will be investing a significant part of the money through this exercise in projects being developed in Mumbai Metropolitan Region (MMR). Apart from MMR, it will also invest in projects on the outskirts of Pune, Bengaluru, Chennai, Hyderabad and selected cities of Madhya Pradesh, Rajasthan, and Gujarat, he said.