True Habitat raises Rs 30 cr, acquires over 4 acres land

New Delhi, November 22, 2021: NCR based real estate firm, Foresight Realtech Private Limited now known as “True Habitat” is launching an affordable housing project under their brand “Bodh”. The company has raised Rs 30 crore from CSL Finance. The funds were utilized to acquire a part of over 4.16 acres of prime land in sector 79 of Gurugram, while the balance was funded by the developer.

This project comprises 650-700 apartments and 45,692 sq ft of commercial space. The construction approvals for this project are under process and is slated to be launched by January 2022 under the Haryana Affordable Housing Policy.

Savills India are the advisors to True Habitat on planning a capital raise strategy including this project funding.

Speaking about the acquisition, Shyamrup Roy Choudhury, Managing Director of True Habitat Group of Companies said, “True Habitat will provide New Age Affordable Housing utilising the latest innovations in construction technology and design to develop sustainable and high-quality living spaces to the customers. We will launch around 3500 apartments in 2022 starting with this project and the pre planning work is underway. More acquisitions will be done in 2022. Institutional Capital Partners like CSL are a cornerstone of our strategy as they bring the financial closure and a higher level of discipline in the process.”

Diwakar Rana, MD, Capital Markets, Savills India said, “The performance of the Affordable Housing Projects over the last turbulent five years is a witness to the solid demand fundamentals of this asset class in Indian cities. We are witnessing the green shoots of increased private equity participation on an institutional scale to develop urban social/ impact in the last decade buoyed by Government Policy initiatives. In the current decade, we could see greater expansion of this product given higher interest by Global Investors towards Social/ Impact/ Affordable Housing in build to sell or build to rent models.”