NeoLiv a platform for residential development and investment, has started a $150 million fundraising initiative with a $60 million 'green shoe' option. In the Delhi-NCR and Mumbai Metropolitan Region (MMR), the company intends to build 12 residential and plotted development projects. “We have identified 12 land parcels for our residential projects and our first launch will commence operation by 2024. For investors, the platform provides an opportunity to invest at the land stage. For customers, our aim is to provide security of timely delivery", Mohit Malhotra, founder and CEO, NeoLiv, said, adding the company is targeting a topline of Rs 10,000 crore from its projects. He said that NeoLiv has been designed to manage every facet of real estate projects, from financing to execution to final handover and even post-possession management.
“We expect to make the first close from the AIF by the end of this year", He added. Asked if the company is also exploring the possibility of joint development, Malhotra said it is willing to partner with landowners for joint developments to create an asset-light model for the company. He said the company is targeting 10 million square feet of development by the end of this fiscal. It is also eyeing plotted developments in markets like Sonepat and Panipat, among others. According to the company, the majority of its group housing development offerings will fall between Rs 1 crore and 3 crore. Mohit Malhotra, a former managing director of Godrej Properties, and six other equity partners from the real estate industry founded NeoLiv, a platform for financing and developing real estate. Previously, alternative assets firm 360 ONE formed a strategic alliance with NeoLiv by purchasing a small stake in the business. NeoLiv Capital and NeoLiv Real Estate are the organization's two divisions.
We use cookies to ensure you get the best experience on our website. Read more...
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.