Brick Eagle Capital Advisory has raised Rs 100 crore from Bennett Property Holdings and Axis Bank to invest in affordable housing projects.
Brick Eagle aims to raise Rs 500 crore for facilitating development of 50,000 homes for low-income families as well as generating good returns for its investors.
"Brick Eagle Capital Advisory has received Rs 50 crore anchor commitment each from Bennett Property Holdings and Axis Bank for its Alternative Investment Fund (AIF) out of its targeted corpus of Rs 500 crore," a company statement said.
The Brick Eagle India Affordable Housing Fund is a Category-II AIF registered with Sebi.
"Our fund has been created with local developer requirements in mind and will make several small investments at early stages. We invest in developers that target end customers as home buyers and not investors," Brick Eagle Capital Advisory Managing Partner Kirti Timmanagoudar said.
Affordable housing has got infrastructure status and the government is also providing interest subsidy for low-cost homes.
"There is a large, genuine and mostly unmet need for affordable housing and the government's thrust and commitment towards this is note-worthy," said Jagdeep Mallareddy, Head, Retail Lending, Axis Bank.
Prior to this fund, Brick Eagle Capital Advisory has raised Rs 400 crore for project finance and the same has been deployed across nine cities and eight developers.
Joanna DeSouza, President, Bennett Property Holdings (BPHCL), said: "We believe that affordable housing is a huge opportunity as India moves forward with new themes like Housing for All and Make in India. The segment will take some time to reach a level of maturity and competitiveness with just a few organised service providers.
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