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    SUCCESSFUL CONCLUSION OF 14TH NBFC & FINTECH CONCLAVE & AWARDS 2023 WHERE CHIEF GUEST RAMESH IYER DELIVERED INAUGURAL ADDRESS

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    India state-run banks’ gross NPA eases to 5.53%; earn profit of Rs 70,167 cr in Apr-Dec FY23

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Credent Global Finance in talks to raise Rs 500 crore for tier-II projects

Prashant Dwivedi by Prashant Dwivedi
January 27, 2023
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Credent Global Finance (CGF), a BSE-listed, Sebi-registered NBFC is in talks to raise ₹500 crore under AIF to fund mid segment real estate state projects in tier 2 cities, Vishnu Rathore, Board of Director at Credent Global said.

“We will focus on tier 2 cities which are the next growth engine and have a lot of potential to grow. Our ticket size would be Rs 30-50 crore,” said Rathore.

Investment in real estate in India grew by 32% Y-o-Y to an all-time high of $7.8 million in 2022, according to CBRE.

Credent recently had taken over Essel Finance Private Equity business in all cash deal. This private equity has little over Rs 200 crore invested in 7 investee companies between Mumbai, pune and Bengaluru. The company is exiting from these investments.

“Credent is leveraging this private equity capability, operational infrastructure and ecosystem to lunch new real estate fund – Credent Estate Multiplier Fund, which will be investing in mid income residential projects through equity,” said Rathore.

The new fund will be divided into two AIFs, one will be focused on tier 2 cities while other will focus on independent housing. Company is looking at cities like Indore, Chandigarh, Lucknow and Baroda. Ahmedabad, Vadodara, Nashik, Gandhi Nagar and Jaipur have emerged as the top five tier-II cities in growth of residential property market on the back of rapid urbanisation, industrialisation and growth of IT industry, according to recent report by real estate data analytics and consultancy company, PropEquity.

The report highlights that there has been a remarkable jump in both absorption as well as supply of quality residential properties in various price brackets in these cities. The report has tracked performance of the residential segment of the real estate sector in various tier-II cities from FY 2017-18 to FY 2021-22. “The real estate activity in tier 2 cities is fast catching up with that of tier 1 cities. Interestingly, Ahmedabad’s residential real estate market size of Rs 83,390 crore has outshone some of the Tier 1 cities like Chennai and Kolkata with market sizes of Rs 52,554 crore and Rs 38,440 crore respectively at the end of fiscal year 2021-22,” said Samir Jasuja, Founder and Managing Director at PropEquity.

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Source: Economic Times
Tags: bfsiBSECBRECredent Global FinanceESSEL Finance
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IIT Delhi expands its campus; new curriculum and Abu Dhabi campus on cards

Centre plans to bring IITs, Other INIs under proposed higher education regulator

March 21, 2023
Shapoorji Pallonji Group creates holding companies for infra and realty verticals to improve cash flows

Shapoorji Pallonji Group creates holding companies for infra and realty verticals to improve cash flows

March 21, 2023
RBI imposes Rs 1.76 crore penalty on Vakrangee for non-compliance with regulations

HC grants time to RBI to respond to PIL on uniform banking code for foreign exchange transactions

March 21, 2023
Indian small finance banks cheer easing bad loan ratio

India state-run banks’ gross NPA eases to 5.53%; earn profit of Rs 70,167 cr in Apr-Dec FY23

March 21, 2023
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