Investment fund for realty start-ups

Realty firm Lodha Group  has launched its maiden investment fund, with an initial corpus of Rs 50 crore, for start-ups focused on smart city solutions and overall real estate sector.

“With an initial investment corpus of Rs 50 crore, the company will not only provide angel funding or venture capital, but also business opportunities, industry contacts and mentorship,” Mumbai-based developer said in a statement.

The investment fund will invest in start-ups at all stages of the development cycle, including early stage entrepreneurs, which are focused on creating value in the real estate and smart city space in India.

Launching the start-up fund, Lodha Group MD Abhishek Lodha said, “Our fund will address the prevailing inefficiencies in the sector with the use of technology and smart solutions. “We have been working in a focused manner to establish this platform over the last few months. 2-3 business ideas have been already vetted and the first round of investments will be completed by March 2017,” he added.

The company had achieved Rs 6,400 crore of net new sales for FY 2015-16. It is currently developing around 4.1 crore sq ft of prime residential real estate and has 31 ongoing projects across London, Mumbai Metropolitan Region, Pune and Hyderabad. In FY 2015-16, Lodha Group delivered 6,800 units across projects.

Over 300 apartments sold

Mumbai-based real estate developer Godrej Properties has announced the sale of over 300 apartments at its Godrej Greens project in Pune within two months of launch.

Around 400 apartments were opened for sale in the project, according to the company.