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Millenia WB Yield Fund, launched by WhiteBoard Advisory & Management and Casagrand, has made its first investment of INR 41 crore in a villa project in Hyderabad with an estimated revenue potential of nearly INR 400 crore. The SEBI-approved Category II AIF plans to raise INR 500 crore to fund residential developments across southern India, mainly in Hyderabad, Bengaluru and Chennai. The platform is targeting multiple investments during 2026 as institutional funding activity continues to rise in the housing sector amid sustained residential demand and increasing need for structured project financing.
WhiteBoard Advisory & Management (WB), in partnership with real estate developer Casagrand, has launched Millenia WB Yield Fund with a planned corpus of INR 500 crore to invest in residential real estate projects across key southern markets. The fund has already completed its first investment by committing INR 41 crore to a villa development project in Hyderabad that is expected to generate around INR 400 crore in revenue. Advertisement
The fund has received approval from the Securities and Exchange Board of India (SEBI) under the Category II Alternative Investment Fund (AIF) structure. The platform has been created to provide structured growth capital to residential developments at a time when developers are increasingly looking at alternative funding channels beyond traditional bank financing.
The Hyderabad investment marks the first deployment from the newly created fund and highlights growing investor interest in plotted and villa-based residential developments in the city. Over the last few years, Hyderabad’s premium villa market has witnessed steady demand, especially across peripheral growth corridors supported by infrastructure expansion, improved road connectivity and growing IT-led employment hubs.
The project is located near Hyderabad’s airport corridor, which has emerged as an active residential zone due to ongoing infrastructure development and increasing preference for low-density premium housing. The micro-market has seen rising interest from both end-users and investors as developers continue to launch gated villa communities targeting upper mid-income and premium buyers.
Mumbai-based WhiteBoard Advisory & Management was founded in 2022 by Anchit Lakhotiya and Sanjay Ratra. The company has been expanding its presence in real estate investment advisory and urban asset financing. Apart from residential funding, WB has also been associated with warehousing and logistics-related transactions in recent years.
Earlier, the firm had advised on a transaction involving Blackstone and Casagrand for a warehousing platform spread across more than 150 acres in Chennai locations including Santhavellore and Sri City. The latest residential investment reflects the company’s wider strategy of creating investment vehicles focused on urban assets and income-generating real estate opportunities.
According to Anchit Lakhotiya, the platform aims to create diversified investment opportunities for both domestic and offshore investors while focusing on scalable urban real estate assets. The company is also evaluating multiple investment opportunities across residential markets during the current year.
The fund is expected to complete four to five investments during 2026. Industry experts believe structured capital platforms are becoming increasingly important for residential developers due to rising construction costs, tighter liquidity conditions and faster execution requirements in competitive housing markets.
Southern cities such as Hyderabad, Bengaluru and Chennai have continued to attract institutional interest because of relatively stable housing demand, strong absorption levels and consistent new project launches. Hyderabad, in particular, has remained one of the more active residential markets with continued expansion in infrastructure, office space development and suburban housing projects.
Casagrand, headquartered in Chennai, currently has projects across Chennai, Bengaluru, Hyderabad, Pune and Dubai, while also expanding into Mumbai and NCR markets. The company is also pursuing a public listing and had filed draft papers with SEBI earlier for a proposed IPO estimated at around INR 1,100 crore.
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