Walton Street Blacksoil Real Estate Debt Fund II (WSBREDF – II) has announced an investment of Rs 165 crores in Sowparnika Homes Private Limited (Sowparnika Projects) for a portfolio of projects primarily across Bangalore. These projects cater to the mid-income/affordable segment with an average ticket size of ~Rs 50 lakhs and are located in close proximity to key employment centres and IT Hubs such as Sarjapur Road, Whitefield, Old Madras Road, etc.
Commenting on the investment, Vimal Jangla on behalf of WSBREDF II said, “We are pleased to partner with Sowparnika Projects whose core focus is the development of mid-income and affordable housing projects using continuously innovative and sustainable practices towards the development process. This funding shall facilitate the delivery of ~2750 homes in the above category. Sowparnika has developed in-house competencies with the intent of offering a value proposition for its end product at a competitive price to its customers that truly differentiates them from the rest of the competition. We endeavor to support such developers having a proven track record in ensuring timely delivery of the project without any compromises.”
Sowparnika Projects has ~2 decades of real estate development experience and are closely working in sync with the Prime Minister’s Housing for All Scheme, redefining the concept of quality housing. They are one of the leading real estate developers in South India with a presence in Bangalore, Kerala, and Tamil Nadu. They have built more than 5 mn sq ft and delivered more than 7,500 homes across locations in the affordable and mid-income segments.
Talking about the partnership, Ramji Subramaniam, Promoter of Sowparnika Projects said, “ Our mission is to be among the top 10 preferred brands in the housing and infrastructure arena in South India. Our partnership with Walton Street Blacksoil will help us deliver high-quality value homes and timely delivery of apartments to end users in the affordable and mid-income segments. We are aligned with Prime Minister’s Housing for All scheme, have delivered more than 5 mn sq ft have more than 7,500 homes in this segment and currently have ~4,500 more homes spread across 4 mn sq ft under development.”
WSBREDF II has already crossed its target fund size of INR 500 cr and stepped into the green shoe. It has seen active participation from notable stakeholders, including large family offices, corporates, offshore investors, and HNIs. With this investment, two-thirds of the target fund size has already been committed across 7 investments.