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Golden Growth Fund, which is a real estate focused Alternative Investment Fund (AIF), plans to raise Rs 400 crore from investors to buy land and develop real estate projects in the national capital.
In a statement, Golden Growth Fund, a Category 2 AIF, said it has successfully secured Rs 25 crore in the first funding round, which concluded last month.
"This initial capital infusion will be used to acquire a prime land parcel in South Delhi," it said.
The acquisition is the first project under its strategic plan to develop high-end residential properties in the region. Grovy India Ltd, which has completed over 100 real estate developments in Delhi, will construct this project.
"This first closing of the fund is a significant step forward in our mission to transform the luxury real estate landscape in Delhi.
"Our commitment to acquiring and developing premium land parcels in South Delhi is now being realized, and we anticipate that our ongoing funding efforts will further solidify our position as a leader in the market," said Ankur Jalan, CEO of Golden Growth Fund.
Golden Growth Fund will focus exclusively on real estate opportunities in the Delhi region, particularly in South and Lutyens' Delhi, the statement said.
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