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ICICI Venture may invest R1,000 cr in residential properties

Timsy Jaipuria, The Financial Express

June 18, 2011

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ICICI Venture is in the process of raising R750 crore-1,000 crore fund to invest in residential properties.

ICICI Venture president (real estate) Sanjeev Dasgupta told FE, “The money will be raised under India Advantage Fund real estate series-II from high-networked domestic investors.”

Dasgupta said the fund will not be invested in the realty majors such as DLF, Unitech or K Raheja. Rather the company will be investing in the mid-size developers.The fund will be raised in the next 9-10 months.

According to Dasgupta, the fund will be invested in top cities such as Delhi, Mumbai, Pune, Bangalore, and Chennai.

Prior to this, ICICI Venture had raised R2,465.5 crore under India Advantage Fund series-I, which was invested across segments.

According to industry sources, private equity (PE) investments in India are sharply rising. In the first six months of 2010, about $4.03 billion worth of PE investments came to Indian companies through 155 deals. In the first quarter of 2010, out of the total investments by PE firms, about 10.2% were made in the real estate sector.

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