Institutional real estate investment and advisory company Certus Capital’s digital neo-financing platform Earnnest.me has invested over Rs 30 crore in a premium boutique residential project of realty developer EON Group in Mumbai’s Prabhadevi’s locality.
The investment with EON Group is a part of Certus Capital’s strategy to deploy about Rs 500 crore in the current financial year in senior secured real estate credit deals through Earnnest. me.
With this Rs 30 crore capital infusion investments through Earnnest. me, have crossed Rs 100 crore across a total of three deals since its launch in February. Prior to this, it had invested Rs 40 crore in mid-market residential projects being developed by Pune-based real estate development firm Pharande Spaces and another Rs 40 crore in Chennai-based real estate company Arun Excello’s portfolio of four affordable housing projects.
The project EON ONE spread over more than three-quarters of an acre near Siddhivinayak Temple involves the redevelopment of an old housing society with the rehabilitation of its existing 27 members.
While the rehabilitation part of the project is close to completion, the sale component has a total development potential of 1.5 lakh sq ft that will be completed by December 2025 as it has already secured all the approvals.
The project is expected to generate revenue worth Rs 400 crore based on the ongoing property rates in the vicinity. “This investment in EON is a part of Certus Capital’s strategy to fund well-placed projects being executed by experienced developers in tier 1 cities. The residential real estate sector is witnessing a stronger demand revival and improved sales. At Earnnest.me, we’ll continue to offer carefully selected and diligence investment opportunities in the property sector to our investors,” said Ashish Khandelia, Founder of Certus Capital and Earnnest.me. As a part of its strategy, Certus Capital picks up 10-15% of every investment to ensure its presence throughout the investment cycle.
Certus Capital is also planning to launch its first category-II alternative investment fund (AIF) in 2023. Since its inception in 2018 over Rs 40,000 crore of real-estate credit exposure forming part of NBFCs and housing finance companies. Certus has also advised foreign institutional investors on close to Rs 10,000 crore of closed investments and platform commitments in real-estate credit and warehousing space.
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