Arthveda launches 2nd real estate fund

The Dewan Housing Finance Corporation Limited (DHFL) today announced the launch of its second real estate fund ‘Arthveda Star’ to raise Rs 200 crore, which will be invested in Middle Income Housing projects.

Addressing media persons here, its chief executive officer Bikram Sen said ” considering the high potential demand in middle income housing segment in tier II and III cities in the country, we have launched ‘Arthveda Star’ fund that will offer domestic institutions and high net-worth individuals an opportunity to invest in smaller market in the country.” He said that the flats in middle income housing project will be in the range of Rs 15 lakh to Rs 50 lakh, while below Rs 15 lakh will be in lower income groups.

He said that the company has already identified 34 projects in 16 cities of the country for investment. The projects will be sold at prices ranging from Rs 2,000 to Rs 4,000 per sq ft. The investment size of the fund will be between Rs five crore and Rs 20 crore with an investment duration of 24-36 months and a maximum extension of 18-24 months, he added. (UNI)