Mt. K Kapital on September 25 announced a raise of over ₹500 crore for its maiden fund (Mt. K Resi Development Fund Category II SEBI registered Alternative Investment Fund) from marquee investors like SBI, ICICI Bank, Famy Care and other high net worth individuals (HNIs).
Funds worth more than ₹300 crore, raised so far, have already been committed towards five projects in Mumbai. The fund is now exercising its green shoe option and is targeting to do a final close shortly, the company said in a statement.
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The identified projects of Rustomjee Group include two projects in Pali Hill, Bandra West, and one each in Versova, Mt Mary Road, Bandra West, and Prabhadevi.
“We are excited to have visionary investors and Rustomjee’s support in building this platform. The strong response validates our goal of becoming a leading real estate development fund management company. With a distinct market advantage, we are committed to channelling the right capital into the real estate sector and remain bullish on investment opportunities in the MMR,” said Binitha Dalal, Founder and Managing Partner, Mt. K Kapital.
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“The current performance of our investments and the selection of strategic locations for our projects have reaffirmed our investment thesis. We are evaluating a robust pipeline of similar projects along with deal sizes between INR 60-90 CR to strengthen our portfolio,” Dalal added.
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About the investment
Two out of the five projects have received the necessary approvals, with construction in progress and active upward sales, the company said, adding that their core strategy is to target quick turnaround residential projects with low equity investments and give investors a share of project profits from redevelopment assets across Mumbai.
“It is an exciting time to invest in real estate. The Mt. K platform is built on the principles of transparency and alignment of interest between the investor and the developers. We believe that our structure will offer value to investors looking to capitalise on the growth of real estate as an asset class,” said Boman Irani, Chairman and Managing Director of Rustomjee Group.
