Adarsh Developers Plan On Expanding Their Bengaluru Portfolio

Adarsh Developers has raised `1,300 crore from financial institutions including HDFC Realty Fund, JM Financial, Kotak Realty Fund and Piramal Fund Management to expand the real estate developer’s residential portfolio in Bengaluru. “We have raised all the money in the last two to three quarters and we plan to raise an additional `1,000 crore as we expect the market to pick up in the near future” said their chairman, BM Jayeshankar.

The fundraising comes at a time when lenders, especially non-banking finance companies (NBFCs), have become cautious, in turn slowing down refinancing of debt of real estate developers. New funding has also been affected in the last few months; post the default by Infrastructure Leasing & Financial Services.

The company plans to use the money to develop about 7,000 residential units including affordable and luxury houses across Bengaluru. Over the next 10 months, it plans to launch six residential projects across affordable and luxury, priced from `38 lakh to `3.5 crore.