Our Real Estate business has
Assets under Management/Advice
of $700 Million across 3 funds since inception
Real Estate Strategy
India is rapidly urbanizing. This is also being driven by the “demographic dividend” on account of a relatively large population entering or projected to enter the work force. India’s urban population is expected to grow to 600 million in 2030, and meeting demands of growing cities will require housing, office space, retail malls etc.
ICICI Venture RE seeks to leverage certain key growth drivers for the Indian RE industry including higher spending for household assets especially in particular Affordable Housing segment, significant impetus from Government for the Housing industry, better availability of finance, changing real estate developer profiles and reforms implemented in the last few years, especially the Real Estate (Regulation and Development) Act 2016.
ICICI Venture RE is uniquely placed to provide be-spoke private debt financing solutions (and historically even private equity solutions) for developers.
Given ICICI Bank’s dominant presence in the Indian real estate market, ICICI Venture RE leverages Group linkages in various areas such as construction financing, housing finance, property services, etc.
Real Estate Team
IAF RE S2 invested in Haamid Real Estates Private Limited (Haamid or Company), a SPV of Advance India Projects Limited (“AIPL”). The investment was in the form of secured debentures for financing the acquisition of the Company. The project is located in an emerging residential area in close proximity to the Southern Peripheral Road (SPR). IAF RE S2 has fully exited from this investment.
IAF RE S 2 has invested in a project SPV of Ahuja Developers, a Mumbai based Developer through optionally convertible secured debentures. The Ahuja Group has 30 years of real estate development experience mainly in Mumbai and has delivered over 43 projects totalling more than 2.1 mn sq. ft. of saleable area.
The investment is in a high end residential project located at Prabhadevi, an upmarket location in Mumbai. The project is a slum rehabilitation project located at South Central Mumbai. It consists of one high end residential tower. The company has engaged L&T Construction to construct the building on a turnkey basis. The fund has now fully exited its investments from the company.
iREIF invested in Arihant Aashiyana Pvt. Ltd, a subsidiary of Arihant Superstructures Ltd. Arihant Superstructures Ltd. is a public listed company with more than 2 decades of real estate development experience. The company is one of the leading affordable housing players in Mumbai having delivered more than 3 million sq.ft. of residential projects.
The funding is against 3 projects being developed by the Company. ICICI Bank has an existing relationship with the Developer. This investment is a structured transaction through Non Convertible Debentures.
Corolla Realty Private Limited is a premium residential real estate project located in Wagholi, Pune. The project is being developed in partnership with Kolte Patil Developers Private Limited, a leading Pune based realty company. Wagholi lies alongside Kharadi where the MIDC is building and expanding Pune’s second IT Park. This area is expected to see significant growth in the years to come, on account of the city’s large IT-associated population. The fund has fully exited from this investment.
IAF RE S2 has invested in Damji Shamji Realty Pvt Ltd, a SPV of Damji Shamji Group (“DS Group”). The investment is in the form of secured debentures. DS Group was founded in the year 1962 and has so far completed ~ 3.37 mn sq.ft of residential area and more than 1 mn sq.ft of commercial area in the central suburbs of Mumbai and primarily in Ghatkopar-Mulund-Thane-Bhandup belt. Presently the group is developing 13 projects with aggregate saleable area of ~2.04 mn sq. ft. IAF RE S2 has fully exited from this investment.
Delta Corp Limited, is a diversified public listed company engaged in the businesses of real estate development, real estate consultancy, hospitality and entertainment. The company is also engaged in real estate development in Kenya through a Joint Venture with Reliance Industries Limited, India’s leading corporate house. IAF RE S1 has exited its investment from this company.
iREIF has invested in Enerrgia SKYi Properties Pvt. Ltd, a SPV of SKYi Group, a leading developer based in Pune. SKYi Group has completed and delivered about 3 million square feet of saleable area and about 2.6 million square feet of saleable area is under development. The Company is promoted by Sushant Jadhav and Amit Jagtap. The Project is being developed on 7.21 acres of land situated at Bhukum, Pune. The investment is a structured transaction through debentures secured by mortgage of the project land, cashflows and personal guarantee of the promoter.
The preferred corporate destination since its inception in 1974, a landmark of Mumbai’s Central Business District skyline, it defines exemplary corporate status. Setting new standards for the new millennium, Express Towers is in the process of enhancing its status as the ultimate premiere corporate destination in Mumbai’s Central Business District. This unique repositioning exercise is the result of the coming together of two of India’s leading corporate entities, ICICI Venture and the Express Group. IAF RE S1 has fully exited from this investment.
I-Ven Kolte Patil Projects (Pune) Private Limited is a world class IT park project located in Kharadi, Pune . Kharadi is the site for the second MIDC IT Park, and is expected to be the next engine of growth for Pune’s IT boom. The project is being developed in partnership with Kolte Patil Developers Private Limited, a leading Pune based realty company. IAF RE S1 has now fully exited from this investment.
I-Ven Townships (Pune) Private Limited is a large integrated township project located near Hinjewadi in Pune. Hinjewadi has established itself as an IT corridor where several international, national and local IT firms already have a significant presence. The site is also located close to the Mumbai-Pune Expressway. The project is being developed in partnership with Kolte Patil Developers Private Limited, a leading Pune based realty company.
The fund in consortium with other investors has invested in KAPMPL, an SVP owned by Rajesh Construction Company Pvt Ltd and Rajesh Spaces Pvt Ltd. The developer has a strong track record and has already delivered ~ 5 mn square feet of projects predominantly in western and central suburbs of Mumbai, and has a project pipeline of ~6.2 mn. Sq. ft.
KAPMPL owns ~ 9.4 acres land parcel in Ghodbunder Road, Thane West, which is being developed under the Mumbai Metropolitan Region Development Authority (MMRDA) Rental Housing Scheme. The proposed development consists of a total saleable area of ~1.3 million sq. ft. spread over 6 free sale buildings (5 residential wings and 1 commercial) and ~0.4 million sq. ft. spread over 5 MMRDA rental housing buildings. IAF RE S2 has fully exited from this investment.
iREIF has invested with Lalith Gangadhar Constructions Pvt Ltd (LGCL), a Bangalore based developer. LGCL is promoted by Mr. Girish Puravankara. LGCL Group has completed 6 lakh square feet of residential projects and has 8 under-construction projects totaling to over 1.0 mn square feet. Investment by the Fund is towards an under construction affordable housing project off Hennur Road in North Bangalore. The investment is a structured transaction through debentures secured by mortgage of the project land, cashflows and personal guarantee of the promoter.
Lodha Elevation Buildcon Private Limited is a premium mixed use project consisting of an IT Park and a residential development, located in Thane, a rapidly growing city located on the outskirts of Mumbai. Lodha Group is a premier real estate developer providing comprehensive residential and office space solutions across real estate categories and diverse consumer segments – from luxury residences to large integrated townships from thoughtfully designed office environments to private villa retreats. IAF RE S1 has exited its investment from this company.
IAF RE S2 invested in Smarthomes Developers (India) Private Limited (“SDIPL”), a company owned by Mr. Sushil Mantri & family. Mr. Mantri is the promoter of Mantri Developers Private Limited (“MDPL”), one of the leading Bangalore based real estate developers with several projects in Bangalore and a presence in Hyderabad, Chennai and Pune. The investment was in Mantri Espana (“Project”), a residential project developed by MDPL at Outer Ring Road, Bangalore. IAF RE S2 has fully exited from this investment.
iREIF has invested with Mayfair Housing Private Limited (MHPL), one of the leading real estate developer in Mumbai. MHPL has been in real estate development business for over 50 years and has development experience in luxury, mid income and affordable housing projects. The funding is towards upcoming phases of affordable housing project at Virar consisting of 1 and 2 BHK apartments. Virar is one of the established affordable housing micro market in Mumbai. Mayfair has already delivered more than 900 apartments in earlier phases of the project. This investment is a structured transaction through debentures secured by mortgage of the project land and cashflows.
iREIF has invested in Platinumcorp Sheltors Pvt. Ltd. of Platinum Group. The Platinum Group promoted by Vishal Ratanghayra and Gurminder Singh Seera established in 2012-13, are real estate developers based in Mumbai mainly developing projects in D.N. Nagar, Andheri. iREIF has invested in NCD’s issued by Platinumcorp Sheltors Private Limited.
IAF RE S 2 has invested in a residential project of Prince Highlands in Chennai. The project is being developed by Prince Foundations Ltd (“PFL”). This investment has been done along with ICICI Bank.
This investment is a structured transaction through debentures secured by first pari passu charge along with I Bank on 5.68 acres of land aggregating to total saleable area of 9.72 lac sqft.
PFL is promoted by Mr Ashwin Kamdar and Mr Sharad Vasanji. The promoters have been in real estate business for more than 2 decades and have delivered more than 2.5 mn sqft. across residential and commercial real estate. Currently PFL has around 1.9 mn sqft of residential real estate space under construction. IAF RE S2 has fully exited from this investment.
IAF RE S2 had invested in RSPL, a Bangalore based real estate Company promoted by Mr. K Praveen. The group has presence in many micro markets in Bangalore and typically focuses on the middle class segment. The group has completed ~ 4 mn square feet in different micro markets of Bangalore and another ~ 4 mn square feet are in varying stages of construction.
The investment was in four projects being developed – namely, Mahaveer-Laurel, Mahaveer Tranquil, Mahaveer Maple and Mahaveer Jonquil. Of these projects, Mahaveer Maple and Mahaveer Jonquil were being developed by RSPL and Mahaveer Tranquil and Mahaveer Laurel are being developed by Red Coral Properties, a partnership firm wherein 99% economic interest was with the Company and balance 1% was held by Mr. K. Praveen.
The projects are in the vicinity to key IT/ITES corridor’s and residential localities in Bangalore. All these locations are well connected by public transport, including the proposed metro. IAF RE S2 has fully exited from this investment.
IAF RE S 2 has invested in a project developed by Sunshine Housing and Infrastructure Pvt Ltd (“SHIPL”). The investment is in the form of secured debentures.
SHIPL, promoted by Mr. Kashyap Mehta, Mr. Atul Bharani and Mr. Pratik Vira, has been in the real estate development business for the past 21 years and has delivered projects admeasuring ~ 0.9 million sq. ft. with a further ~ 1.4 million sq. ft. under various stages of construction.
Sunshine Towers is located adjacent to Indiabulls Financial Center & Naman Midtown on Senapati Bapat Marg (Tulsi Pipe Road), Lower Parel. The project has received approvals including Occupancy Certificate (OC) and ~ 85% of the project has already been sold. IAF RE S2 has fully exited from this investment.
TSI Business Parks Private Limited is the developer of WaveRock, an iconic IT Park located in Nanakramguda in Hyderabad, a major city located in Southern India. Designed by globally renowned architect Pei Cobb & Freed, this impressive structure, named WaveRock, offers 2.5 million square feet of world class IT space. It is a part of a notified IT Special Economic Zone. This will be in the heart of the burgeoning IT Zone which is in the making in Hyderabad. The project is being developed in partnership with Tishman Speyer, a leading global real estate development group based in the US. They have managed a portfolio of assets since inception across the United States, Europe, Latin America and Asia. IAF RE S1 has exited its investment from this company.
TSI Homes (Chennai) Private Limited is a large township project located on the NH4 Chennai Bangalore Highway, on the outskirts of Chennai, a major city in Southern India. The site has good accessibility and connectivity and is expected to be the next growth corridor in Chennai, with a concrete demand from the IT/ITeS as well as manufacturing sectors. The project is being developed in partnership with Tishman Speyer, a leading global real estate development group based in the US. They have managed a portfolio of assets since inception across the United States, Europe, Latin America and Asia.
Updater Services is one of the largest integrated facilities management company in India. It had diversified its service offerings to include staffing solutions, production support, warehousing and catering services. The company had over 300 clients across industry segments and an employee base of roughly 15,000 people with a presence in nine cities. IAF RE S1 has exited its investment from this company.