Naredco-Maharashtra To Launch Rs 50 Crore RealTech Fund To Support Start-ups

Updated on: 9 September 2023 6:27 pm

Furthermore, recent events in the global financial world, including the collapse of Silicon Valley Bank and the contagion spreading to other mid-market US banks, have contributed to the overall uncertainty in Indias office leasing demand, it added

Private Equity Inflow In Real Estate Plunges 95% To $45 Million In January-March Photo: Furthermore, recent events in the global financial world, including the collapse of Silicon Valley Bank and the contagion spreading to other mid-market US banks, have contributed to the overall uncertainty in India's office leasing demand, it added

Realtors' body Naredco's Maharashtra chapter will set up a proptech fund with an initial corpus of Rs 50 crore to support technology startups in the real estate sector.

Naredco-Maharashtra will launch this 'RealTech Fund (RTF)' on September 15 during its annual event The Real Estate Forum 2023.

"The developers have initially committed a corpus of Rs 50 crore, which will be further scaled as per the response to the fund," Naredco said in a statement.

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Sandeep Runwal, president of NAREDCO-Maharashtra and managing director of Runwal Group, said, "We believe that technology is going to play a major role in the healthy growth of the real estate sector going forward".

This RealTech Fund is being set up to support start-ups in the real estate ecosystem in order to meet current and future challenges head-on, Runwal added.

Commenting on the new fund, Akhil Saraf, founder of HDFC Capital-backed start-up Reloy, said, "Real estate requires unique technology to cater to the needs of the housing industry".

"This will help the entire lifecycle from customer experiences to construction quality and redefine this asset class, which holds 77 per cent of India's household wealth," Saraf said.

This real estate forum will discuss various issues such as government policies, private equity funding, real estate financing, navigating commercial and retail growth, future of redevelopment among others.

the event will witness the participation of senior stalwarts from the real estate industry, including Niranjan Hiranandani of Hiranandani Group, Irfan Razack of Prestige Group, Atul Ruia of Phoenix Mills Group, Rajan Bandelkar of Raunak Group, Atul Choradia of Panchshil Realty, Abhay Chandak of Chandak Group and many more.