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Golden Growth Fund (GGF) has announced the final close of its maiden Alternative Investment Fund (AIF) with assets under management of INR 101 crore. The Category II real estate-focused fund, launched in September 2024, invests exclusively in South Delhi residential markets and reported a net asset value (NAV) growth of 61% as of March 2026. The fund has deployed capital across three projects in Anand Niketan, Neeti Bagh and Gulmohar Park, with listed developer Grovy India Ltd serving as the development partner. According to the fund, South Delhi’s luxury residential market continued to witness strong price appreciation during the first quarter of 2026, supporting investor interest in specialised real estate investment vehicles focused on premium micro-markets.
Golden Growth Fund (GGF) has announced the final close of its maiden Alternative Investment Fund (AIF), achieving assets under management (AUM) of INR 101 crore as it expands its presence in South Delhi's premium residential real estate market.
The Category II real estate-focused AIF was launched in September 2024 with a strategy centred on investing in select residential micro-markets across South Delhi. According to the fund, its net asset value (NAV) increased to 160.9 as of March 2026, representing growth of 61% since launch. The fund also reported an annualised internal rate of return (IRR) of 47% during the period.
GGF has invested in three residential projects located in Anand Niketan, Neeti Bagh and Gulmohar Park, aligning with its investment mandate of targeting high-value residential developments within South Delhi.
Among the projects, the Anand Niketan development is nearly 80% complete and is expected to be delivered during the third quarter of FY2026-27. The Neeti Bagh project has reached approximately 20% completion, with delivery anticipated in the third quarter of FY2027-28. The third project at Gulmohar Park was acquired recently and construction activities are currently underway.
Listed real estate developer Grovy India Ltd has been appointed as the development partner for all three projects. The company has completed more than 150 projects across its operating history.
Commenting on the fund's performance, Ankur Jalan, Chief Executive Officer of Golden Growth Fund, said the final close represented an important milestone for the platform and reflected growing investor interest in institutional real estate investment opportunities.
He stated that the fund would continue focusing on disciplined capital deployment and generating risk-adjusted returns for investors. Jalan also noted that strong demand in South Delhi's residential market was creating opportunities for alternative investment funds to support future development activity.
According to the fund's latest market report, South Delhi recorded price growth of up to 32% year-on-year in luxury floor developments during the first quarter of 2026. The report noted that Category B colonies outperformed Category A colonies in terms of annual price appreciation during the period.
Category B localities registered price growth ranging between 23% and 32%, while Category A colonies recorded appreciation of between 14% and 22%.
Despite slower price growth, Category A colonies continue to command significantly higher property values. The report stated that residential floors in Category A locations are priced between INR 19.5 crore and INR 40 crore, while similar properties in Category B colonies are valued between INR 10.65 crore and INR 16.5 crore.
Jalan said the fund's exclusive focus on South Delhi real estate provides a first-mover advantage in a market that encompasses both South Delhi and Lutyens' Delhi.
The Municipal Corporation of Delhi classifies residential colonies into eight categories, ranging from A to H. These classifications are used for determining circle rates, property tax assessments and stamp duty calculations. Several premium South Delhi locations, including Anand Niketan, Vasant Vihar, Shanti Niketan, Green Park, Gulmohar Park, Neeti Bagh, Golf Links, Jor Bagh and Chanakyapuri, fall within the higher category classifications and remain among the capital's most sought-after residential addresses.
GGF stated that its investment strategy focuses on providing exposure to these premium residential markets through a regulated investment structure overseen by the Securities and Exchange Board of India (SEBI).
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