Industrial Investment Trust Limited (IITL) disclosed intentions to setup a Rs. 500-crore Category I Alternative Investment Fund (AIF) for the real estate sector in India.
The fund plans to have a corpus of Rs. 500 cr to leverage growth in both residential and commercial real estate propelled by strong housing demand, high office leasing, the emergence of co-workspaces, and increasing domestic tourism.
IITL is also establishing a housing finance firm that is dedicated to offering accessible financial solutions for home buyers and property upgraders.
As of September 30, 2024, IITL’s investment portfolio was valued at Rs. 405 crore, with varied investments spanning across multiple industrial sectors, and a specific focus on real estate.
New AIF to concentrate on Tier-1 and Tier-2 cities
The fresh AIF will strategically focus on Tier-1 and Tier-2 cities, forming partnerships with prominent Grade A developers to realise high-quality residential and commercial projects.
“The Housing Finance Company will further strengthen our dedication to supporting Indians in attaining their homeownership aspirations. Collectively, these endeavors establish IITL as a leader in India’s developing real estate and housing finance industries,” Managing Director of IITL, Mr. Agarwal, remarked. IITL is collaborating with various well-known developers across the country to advance these initiatives, according to the company statement.
Established in 1933, Industrial Investment Trust Limited (IITL) began as an investment trust offering specialized portfolio guidance to investors, with initial funding from notable financial institutions such as Prudential and Oriental Insurance, as well as Indian royalty. Featured on BSE and NSE, IITL transitioned into a Non-Banking Financial Institution (NBFC) in 2000, emphasizing investments in equities, securities, bonds, and assets, alongside private equity and leverage support.