Rs. 1000 cr. fund to Realty by ICICI Venture

Delhi Properties - Real Estate India - Unitech Grande
May 06, 2010

It has been known through some sources that by the end of this month, the venture capital firm promoted by ICICI Bank, the ICICI Venture is expected to launch a fund of Rs 1,000-crore for the domestic realty to invest in country’s residential projects.

The plans are to end the fund in six to twelve months and then invest in top 5-7 cities. Also, some sources revealed that it was looking forward to launch by the end of this year, an offshore fund.

The president, real estate, ICICI Venture, Sanjeev Dasgupta, confirmed the development. However, he said that the exact amount which is to be raised is not yet fixed. The current fund of ICICI Venture in offshore and domestic real estate funds is 550 million dollars.

However, small projects are the choice of Dasgupta since exit from them can be faster.