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Xrbia – Affordable Houses By Xrbia Developers Pune

Xrbia Developers Ltd, which launched its foremost affordable housing project in a suburb near Pune last week, has received a commitment of Rs.200 crore for five projects from Brick Eagle Capital Group, a private equity and landbanking firm.

 
 
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PRLog - Aug. 6, 2012 - PUNE, India -- Xrbia Developers Ltd, which launched its foremost affordable housing project in a suburb near Pune last week, has received a commitment of Rs.200 crore for five projects from Brick Eagle Capital Group, a private equity and landbanking firm.
The five projects will come up in the area of Karjat, near Mumbai, on 150 acres acquired by Brick Eagle and will be developed in partnership with Xrbia. The fund has invested Rs.40 crore in the first development and the rest of the money will go into the remaining ventures.

Brick Eagle’s business model engages not just provides capital but also contributing in a land banking process, in the affordable housing space.
“Apart from the social angle, affordable housing projects offer the best risk-adjusted returns, where selling is not anissue. With our partners, weusually have a profit-sharing model in each project,” said Rajesh Krishnan, managing director and chief executive, Brick Eagle.

Since the formation of the fund a year back, Brick Eagle has formed partnerships for projects with local developers in Mysore and Kasara, another area near Mumbai. It also acquired land in those areas. Having raised about Rs.60 crore last year, Brick Eagle plans to raise another $100 million by largely tapping into family offices, said Krishnan.
In a boost to private participation in India’s emerging low-cost housing space, in 2011, global asset manager Carlyle Group said it would invest $26 million in VBHC.

Bangalore-based Janaadhar, which launched its first project in 2010, received $2 million from the Michael and Susan Dell Foundation in 2008 primarily to buy the land. Funding is a big challenge for any developer that wants to sell homes at a low-price point, said a top official at an affordable housing firm who didn’t want to be named.

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