Motilal Oswal Group planning to sell their home finance arm, Motilal Oswal Home Finance. They aim to deal with the activity in the affordable housing sector. They initially launched the Aspire Home Finance in 2014. The firm also has faced asset quality challenges hence it has seen improvement recently. Through investment bank Avendus Capital likes to find more potential buyers and move to align with a broader trend of the private equity interest for the affordable housing market. It is also supported by urbanization and increasing migration to the cities.
Motilal Oswal Real Estate (MORE) has announced the first close of India Realty Excellence Fund V its fifth real estate fund. The Fund was launched with a target corpus of INR 800Cr and aggregating INR650 Cr.
Mr. Vishal Tulsyan, MD & CEO, MOPE stated
“We believe that the realty sector is currently at an inflection point. With this fund, our cumulative private equity AUM has crossed USD 1 bn and real estate forms a key part of that AUM. We will continue to strengthen our position as a real estate investor by capitalizing on such diverse opportunities over years to come.”
Mr. Sharad Mittal, Director & CEO of MORE stated
“With this fund, we have repositionedourselves to cater to capital requirements throughout the project life
cycleproviding a complete financing solution and becoming the preferredfinancial partner for real estate developers. We have raised INR 650 Cr. forthe fund within 3 months of launch and we would like to thank our investors forreposing faith in our investment capability.”
“There has beena huge gap in construction finance available in the sector over the last twoyears pursuant to the NBFC crisis and now the COVID pandemic. The real estatesector has gathered a lot of momentum during the last 6-7 months on the back ofbottomed-out prices, peak affordability, historically low mortgage rates, Govt.incentives and increasing emotional value of home-ownership during thepandemic. Several developers have clocked record sales in the last two quartersof FY 2021. However, liquidity is still a concern which is where this fund willhelp our developer partners.”
“We have alreadyconcluded our first investment in IREF V with Shriram Properties in Bangalore andhave a strong pipeline of deals that we are currently evaluating.”
“We plan tocomplete the fund raising and close the fund in a couple of months.”
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