Live
- Amit Shah must retract remarks on Ambedkar
- Stepwell discovered during excavation in Sambhal's Chandausi area
- Heart muscle can regenerate after failure in some people with artificial hearts: Study
- If Kohli can be picked up, why not Ashwin?
- Governor Jishnu Dev Attends 'World Meditation Day' Celebration at Gachibowli Stadium
- CM Revanth Reddy Pays Tribute to Freedom Fighter Gaddam Venkataswamy
- Market Outlook: US bond yields, dollar index, FII data key triggers for next week
- Remembering maths genius Ramanujan
- The Third Eye: Ensuring an efficient governance
- Service activities of Ambica Sishu Kendra hailed
Square Yards raises Rs 112 cr from HNIs
Square Yards raises Rs 112 cr from HNIs
To purchase over 1 lakh-sq ft office space property in Hyderabad under fractional ownership model
New Delhi: Proptech firm Square Yards, which recently entered into the business of helping investors in having fractional ownership of commercial properties, has raised Rs 112 crore from high net-worth individuals for the purchase of over 1 lakh square feet office space in Hyderabad.
This is the first property being offered by the company to investors for fractional ownership, said Square Yards which is mainly in the property and loans brokerage business. PropsAMC, the asset management services and data intelligence arm of Square Yards, has raised Rs 112 crore for its first Grade A commercial project in Hyderabad.
The project is Square Yards' maiden venture into the fractional product category, with an average investment of Rs 40 lakh from a pool of over 250 investors.
"This over Rs 100 crore AUM (asset under management) milestone is a testament to the unbridled faith reposed by investors on our platform," said Tanuj Shori, founder and CEO of Square Yards. He said the prime focus is to help investors earn lucrative returns through rental income and capital appreciation of the property. "We plan to reach AUM of Rs 1,000 crore within the next six months by building a gamut of assets across tier-I cities while focusing on properties that offer better periodic yields and exit returns," Shori said. The Hyderabad commercial property will provide investors with 8 per cent gross returns on their investment and a targeted XIRR (extended internal rate of returns) of 14-15 per cent, post fees and pre-tax. In fractional ownership, properties are acquired into an SPV (special purpose vehicle which is a private limited company) and proportional stakeholding of the SPV is allocated to the investors.
