New Delhi, May 15 -- Mumbai-listed real estate investment firm Nisus Finance Services Co Ltd said Friday it has invested Rs 90 crore ($9.3 million) in Realnet Ventures Pvt Ltd, a wholly owned subsidiary of Paranjape Schemes (Constructions) Ltd.
Nisus, through its Real Estate Special Opportunities Fund-I (RESO-I), invested the capital in a residential apartment tower of Blue Ridge, a 150-acre township developed by Paranjape Schemes in Hinjewadi, Pune, the company said in a statement.
The residential project is spread across an area of 1.09 acres with saleable area of 4.02 lakh sq ft. The project has a total of 188 units across various configurations. The Blue Ridge township is a mixed-use project with 33 residential, three SEZs, commercial establishments, a school and other social infrastructure.
Driven by its proximity to major IT hubs, Hinjewadi has recorded sustained end-user demand over the years.
Meanwhile, the RESO-I fund is a Rs 1,700 crore alternative investment fund that provides structured credit to real estate companies. The fund targets projects with established cashflows, strong asset cover and short exit timelines.
Nisus says the RESO-I fund provides capital to "credible developers" to accelerate project execution. The fund is structured to deliver "superior risk-adjusted returns" while supporting the development of "high-quality urban housing", as per the statement.
"The existing development of 1BHK/ 2 BHK residential units and the growing demand of the consumers for larger homes in recent macro-economic changes suggest strong demand for the product that is being offered through this project," said Avadhoot Sarwate, chief investment officer, Nisus Finance Services.
Amit Goenka, chairman and managing director of Nisus Finance, said Hinjewadi remains one of Pune's "most resilient" residential micro-markets, backed by strong employment drivers and sustained housing demand. "This transaction aligns well with our strategy of identifying high-quality residential assets in growth corridors with robust end-user demand," he said.
In other recent transactions, Nisus Finance exited its investment in Skytech Estates Pvt Ltd, clocking an internal rate of return (IRR) of about 16.5% and a multiple on invested capital (MOIC) of 1.5x over a holding period of approximately three years. Nisus had invested in the project in 2023 through its RESO-I fund by subscribing to senior secured redeemable non-convertible debentures of Skytech Estates.
Published by HT Digital Content Services with permission from VC Circle.