Justo Realfintech, a real estate marketing firm set up by Pushpmitra Das, is to launch an alternative investment fund (AIF) to lend to property developers. The firm is looking to raise a fund of upto $80 million or Rs 665 crore.
Justo also plans to tie up with a partner which has experience in controlling project cash flows, fund deployment and so on for the purpose. In doing so, it is joining a host of others such as Motilal Oswal, Sundaram Alternates and others who are raising property funds to lend to developers. About Rs 6000 crore of such funds are being launched or raised in the market.
“We plan to lend to mid-sized developers. We plan to file with Sebi in December this year and plan launch the AIF in early next year after the approval,” said Das of Justo.
The fund would lend between Rs 20 crore to Rs 40 crore, he said.
“We have the ability to sell so that we can give faster exit to our investors. A lot of banks and AIFs give us mandates to sell their investee projects,” he said. Justo competes with Anarock, Xanadu in the business of sales and marketing of residential projects.
In the midfle of this month, a proptech company owned by a Singaporean company is buying out Das’ stake in Justo and he is taking over the mandate business of the former, he said.
