Justo Realfintech, led by Pushpmitra Das, plans to launch an Alternative Investment Fund (AIF) to support property developers, aiming to raise up to $80 million. The company intends to partner with an experienced entity for project cash flow management and fund deployment. This initiative aligns with a growing trend in the market, with various firms raising property funds to aid developers, totalling approximately Rs 6,000 crore. Justo Realfintech aims to file the necessary paperwork with SEBI by December 2023 for regulatory approval, with the AIF expected to provide financial assistance ranging from Rs 20 crore to Rs 40 crore per project, specifically targeting mid-sized developers.
Justo Realfintech, founded by entrepreneur Pushpmitra Das, actively plans to launch an Alternative Investment Fund (AIF) designed to provide financial assistance to property developers. The company is in the process of mobilizing funds amounting to a maximum of $80 million, equivalent to approximately Rs 665 crore, for this ambitious initiative. Furthermore, Justo Realfintech has strategic plans to form a partnership with an entity possessing proficiency in managing project cash flows, overseeing fund deployment, and other related aspects.
This strategic move aligns with a prevailing trend in the market, as several players, including Motilal Oswal and Sundaram Alternates, are actively engaged in raising property funds dedicated to supporting developers. The collective sum of such funds being launched or solicited in the market currently stands at an impressive Rs 6,000 crore.
The company has set their sights on filing the necessary paperwork with the Securities and Exchange Board of India (SEBI) by December of this year, with a view to officially launching the AIF in early 2024 following the receipt of regulatory approval. The AIF is anticipated to offer financial assistance ranging from Rs 20 crore to Rs 40 crore per project, a substantial allocation aimed at bolstering the developmental efforts of mid-sized developers.
Justo Realfintech currently operates within the fiercely competitive realm of sales and marketing for residential projects, directly competing with established industry players such as Anarock and Xanadu.
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