Paracor to invest $200 in housing projects
Mumbai: The Mauritius-based private equity fund Paracor Capital Advisors is planning to raise USD 200 million to invest in real estate projects in the country, a top company official has said.
"We will be raising USD 200 million by June to invest in real estate projects mostly residential, around 90 per cent. We are looking at projects in top seven cities," Paracor Capital managing director and chief executive Anil Pathak told reporters this weekend on the sidelines of a real estate summit here.
Paracor identifies investment opportunities in the country and advises overseas investment companies in selecting their investments here. The investment will be routed through its arm Madison India Real Estate Fund Mauritius that focuses on real estate and hospitality investments.
Pathak said the company has already tied up for raising the funds.
"These funds will be mainly through high networth individuals. Once we have the funds, we will cautiously invest in projects," he said, adding, "These funds will be invested for seven years".
Pathak said the company will be investing only after carrying out due diligence.
"We don't want to invest in any project that comes our way. We are getting inquiries from developers but we are not in a hurry to disburse our funds. We will invest only after scrutinising the projects," he said.
Paracor Capital, which recently exited from two projects in Chennai, is likely to exit from a few more over the next two to three months, which will mainly be in the Western region.