Taurus Investment Holdings a Boston-based real estate investment advisor is planning to raise approximately $500 million (about Rs 3,250 crore) for a commercial and retail fund that will be invest in tier-I and II cities in southern India.
The company also plans to launch a $100 million residential platform for investing in the mid-income and co-living segments in the country.
Ajay Prasad, MD at Taurus Investment Holdings India said that we look at India for contributing one-third of our global portfolio in the next five years as the country will be the fundamental core market for Taurus in the coming years. The company has spoken to the Embassy Group for having a joint venture for a commercial platform of 5-10 mn sq ft in the next five years.
He also said that nearly 70% of the raised money will be invested in commercial and the remaining 30% will be invested to make retail development in tier-II and III cities.
Prasad also said that the company has made an investment of more than Rs. 400 crores equity in the Indian real estate market. In fact, the total investment for mixed use development is approximately Rs. 2,000 crore.
Taurus is presently raising commercial fund that can be invested in the project and portfolio level in the growing commercial, office and retail market in India.
In 2017, the Embassy Group went into a joint venture to develop 2 million sq ft of office space held by Taurus in Kerala.
The real estate sector in the country is hopeful to add approximately 200 million sq ft of new real estate space this year under multiple categories including office, retail, residential and logistics to reach 3.7 trillion sq ft.