Purva Asset Management Pvt Ltd, a subsidiary of real estate company Puravankara Ltd, has launched an alternative investment fund (AIF) of Rs 750 crore to inject affordable housing projects and planned developments.
Puravankara creates low-cost housing under the Provident brand, develops projects under Purva Land and first-class housing under the Puravankara brand.
The Category II AIF Purva Real Estate Fund, which has recently received mandatory approval from the Securities and Exchange Board of India (Sebi), will be overseen by Purva Asset Management, and the first fund plan is called Purva Residential Excellence Fund-1. It plans to raise Rs 500 crore for the fund along with a Rs 250 crore greenshoe option from mostly domestic investors including family offices and ultra high net worth individuals.
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