Dalmia Nisus Finance Investment Managers LLP (Dalmia Nisus), an alternative asset manager of Nisus Finance Group has recently invested ~INR 125 Crs in two projects of Puranik Builders Limited (PBL) – Rumah Bali and Tokyo Bay located at Ghodbunder Road, Thane through their Real Estate Credit Opportunities Fund – I (RECOF-I).
Dalmia Nisus is the joint venture fund of Nisus Finance Group headed by industry veteran Amit Goenka and the Dalmia Group, headed by Gaurav Dalmia. This is the investment from the INR 500 Crs Fund that primarily invests into structured credit and mezzanine investments across the residential space in India.
Puranik Rumah Bali is a larger layout project spread across of ~15 acres adjacent to Ghodbunder Road with a total development potential of 1.6 mn sq. ft. The project has affordable residential product mix with concept of Balinese garden and stay home units. The project has commercial office spaces on the Ground + 2 floors plus 40 habitable floors of designed 1 & 2 BHKs. The developer has already delivered Phase I and Phase II in the project with ~600 families staying. Currently, Phase III & Phase IV is under development with 0.7 mn sq. ft. of saleable area and the developer has successfully sold more than 50% in these phases of the project.
Puranik Tokyo Bay is a part of larger layout of ~15 Acres located near Anand Nagar, Thane West with total development potential of 1.6 mn sq. ft. The project has affordable residential product mix offering Zen approach to the lifestyle. The Phase II and Phase III has 3 Lower Grounds plus 40 habitable floors with unit configuration of 1 BHK, 1.5 BHK and 2 BHK with sufficient open space in units. This offering is unique for the micro market of Ghodbunder Road given its attractive ticket size, modern amenities, fast-paced construction and delivery with all major approvals in place. The developer has already delivered Phase I in the project with ~450 families staying presently. Currently, Phase II and Phase III are under development with 0.8 mn sq. ft. of saleable area and developer has sold nearly 50% in these phases of the project.
Amit Goenka, CEO Nisus Finance” We are glad to join hands with Puranik Builders for their flagship projects in Thane, catering to the vibrant mid-income housing demand. PBL has over 30 years developed landmark housing projects catering to the core residential segment in and around Thane with superior quality, strong brand ethics and satisfied home buyers. Our capital will help accelerate and complete further phases in their already successful projects of Rumah Bali and Tokyo Bay. Their focus on delivery, customer delight, deep professional management and hands on approach by the promoters, make this an excellent fit without investment thesis. Our investment will unlock value of all stakeholders in a short period of time including current and future home buyers who are looking at value purchase from a reputed corporate developer.”
Shailesh Puranik, Managing Director, Puranik Builders Limited added, “Our projects, Rumah Bali and Tokyo Bay offer their own unique and distinct offerings to our valuable customers. These integrated developments provide an unparalleled work, live and play environment to the residents in a strategic location of Thane. We are glad to partner with Nisus Finance and the Dalmia Nisus Fund who have a deep understanding of the asset class, have fast paced completion and delivery as their capital objective and strong integrity and ethos. Our practices and data stood the test of their rigorous diligence process. Their investment in our projects will create customer delight as we accelerate and complete these landmark projects.”
Nisus Finance Group manages several AIF funds aimed. RECOF – I, an AIF Category – II fund, registered with SEBI, with a corpus of INR 500 Cr is a real estate focused fund which seeks to achieve superior, consistent and risk adjusted returns by making opportunistic medium term structured investments in mid-income, affordable housing and plotted development projects.
