360 Realtors joins Rising Straits Capital to launch Rs 100-cr fund

New Delhi: Real estate brokerage firm 360 Realtors has partnered with Rising Straits Capital to launch a Rs100 crore stress fund to provide last mile financing to builders to complete their residential properties.

The company has started the process to raise money and the Rs100 crore fund will be launched next month, said Ankit Kansal, the founder and Managing Director of Gurugram-based 360 Realtors.

"We have tied up with Rising Straits Capital to launch a real estate dedicated Alternate Investment Fund (AIF)," he said.

The two partners would have an equal stake in the joint venture firm 360 Rising Straits Management Pvt Ltd which would act as an investment manager of the fund, Kansal said. "We will put in about Rs 10 crore amount in this fund and the remaining will be raised from retail investors, HNIs and NRIs," he added.

The JV firm has already identified a few projects in Noida and Greater Noida in Uttar Pradesh where it would provide last mile funding, Kansal said, but refused to name the builders and the projects.

Besides Noida and Greater Noida, he said the company is looking at projects in Mumbai, Pune and Bengaluru.