Credent Global Finance to Fund Realty Projects in Tier 2 Cities
Credent Global Finance (CGF), a BSE-listed, Sebi-registered NBFC is in talks to raise Rs 500 crore under AIF to fund mid segment real estate state projects in tier 2 cities, Vishnu Rathore, Board of Director at Credent Global said, "We will focus on tier 2 cities which are the next growth engine and have a lot of potential to grow. Our ticket size would be Rs 30-50 crore," said Rathore. Investment in real estate in India grew by 32% Y-o-Y to an all-time high of $7.8 million in 2022, according to CBRE. Credent recently had taken over Essel Finance Private Equity business in all cash deal. This private equity has little over Rs 200 crore invested in 7 investee companies between Mumbai, pune and Bengaluru. The company is exiting from these investments. The new fund will be divided into two AIFs, one will be focused on tier 2 cities while other will focus on independent housing. Company is looking at cities like Indore, Chandigarh, Lucknow and Baroda. Ahmedabad, Vadodara, Nashik, Gandhi Nagar and Jaipur have emerged as the top five tier-II cities in growth of residential property market on the back of rapid urbanisation, industrialisation and growth of IT industry.
Tags : Credent Global Finance BSE SEBI registered Vishnu Rathore Board of Director at Credent Global