PNN
Mumbai (Maharashtra) [India], July 23: Nisus Finance Services Co Limited (BSE- NISUS | 544296 | INE0DQN01013) one of India's leading structured real estate credit fund managers, has announced an investment of ₹115 Cr. through its Real Estate Special Opportunities Fund-I (RESO-I) in Kumar Vibe Properties Pvt Ltd (KVPPL). KVPPL is a 50:50 joint venture between Kumar Properties and Infrastructure, led by Mr. Hitesh Jain, and Vibe Realty, led by Mr. Gopal Sarda.
The portfolio comprises a luxury residential project in Khar West(Mumbai), an upscale mixed-use project in Goregaon West (Mumbai), and a premium housing project in NIBM (Pune). The Khar and Goregaon projects are society redevelopment initiatives being undertaken under Regulation 33(7)(B) of the DCPR 2034, while the Pune project is being developed under the Unified DCPR applicable in Maharashtra (outside Mumbai). The collective topline for the three projects is over ₹ 1100 Cr., with a focus on established and emerging urban zones.
The Mumbai projects together have a development potential of ~1.6 lakh square feet of carpet area, and a revenue potential of ~ ₹ 400 cr. The NIBM (Pune) project is spread across 8 acres, and offers ~ 7.5 lac square feet of carpet area, featuring over 750 residential units and an expected sales value exceeding ~ ₹ 700 cr.
Strategic Significance of Redevelopment
Supported by DCPR 2034 incentives and faster approval timelines, society redevelopment is emerging as the most scalable and sustainable model for inner-city regeneration. This model aligns well with RESO-I's investment philosophy of backing de-risked, cashflow-positive, and execution-ready real estate opportunities in key micro markets.
About the Fund - RESO-I
RESO-I, managed by Nisus BCD Advisors LLP, is a ₹ 1700 Cr. SEBI-registered AIF focused on structured credit in special situation real estate. The fund specifically targets:
- Projects with established cashflows
- Strong asset cover
- Short exit timelines
These investments will help accelerate project execution and provide funding to credible developers. The fund is structured to deliver superior risk-adjusted returns while supporting the development of high-quality urban housing.
Broader Context and Outlook
This investment underscores RESO-I's strategic focus on urban redevelopment-driven housing that ensures downside protection, unlocks value, and enables faster execution. While Mumbai's redevelopment model addresses the demand for modern housing in land-starved central locations, Pune's NIBM corridor continues to see strong mid-income demand, reaffirming the growth potential in both markets. Major infrastructure projects in Mumbai and Pune are set to redefine urban dynamics. The upcoming Mumbai Coastal Road is poised to be a game changer for both residential and commercial real estate in the western suburbs, significantly improving connectivity and deepening integration with South Mumbai. In parallel, Pune's recently announced metro expansion -- linking Lohegaon Airport with the fast-growing southern suburbs of NIBM and Undri -- promises to revolutionize urban mobility and enhance accessibility to the city centre.
Commenting on the Development, Mr. Avadhoot Sarwate, CIO, Nisus Finance Services Co Limited, said, "This investment is anchored in our belief that urban redevelopment is the future of India's residential real estate. Earlier this year, we successfully exited a self-redevelopment transaction at a 21% IRR, which reaffirmed our conviction in this model. Kumar Vibe brings together a rare combination of redevelopment expertise, high-governance clean structures, and prime-located projects. We are pleased to support this platform and help unlock value for customers and stakeholders alike."
Gopal Sarda, Founder & CEO, Vibe Realty, commented, "Vibe Realty was founded on the vision of building an agile, transparent, and new age product-led organization. We are excited to welcome Nisus Finance as a strategic funding partner for the ongoing projects. This partnership is a testament to our strong fundamentals, clear vision, and ability to execute high-value projects that redefine luxury and comfort. With this funding, we are not just securing financial closure but also setting the stage for transformative developments that will shape the future of our positioning in these marquee markets. With a robust portfolio already underway, we are well positioned to scale responsibly."
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