Realty awaits Rs. 5,000-cr infusion

In a bid to make the most out of the emerging business scenario in the country's real estate sector, the non-banking finance company, Altico Capital, has fixed a staggering target of Rs. 5,000-cr for the realty sector. The company will invest the targeted funds in the residential housing projects during the fiscal, across country's top property markets, including Mumbai, the National Capital Region, Bengaluru, and Pune. The projects have so far evoked a robust response to its recent pre-launch sales activity, which establishes the marketability of the multiple housing products. It may be recalled that in late last year, Gurgaon-based Vatika Group had generated Rs. 700-cr from Altico Capital in one of the largest real estate debt transactions of the year. Altico Capital, which is sponsored by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners, got Rs. 2,000-cr from three of its first year of operations in 2015-16. In 2016, Altico strengthened its capital base by raising Rs. 460-cr through redeemable non-convertible debentures from International Finance Corporation (IFC), said official sources.