Naresh Naik the investing managing director of real estate tycoon Morgan Stanley has submitted his resignation for the approval. According to the sources of NBTV, the sole step is to build up a real estate fund domicile which will invest completely in India.
Naresh Naik joining Morgan Stanley was one of the core members of Lehman Brothers India three years ago. Now he will be accompanied by the managing director and head of asset management for Asia Pacific- Robert Naso for his new project. Currently both Naso and Naik is on a gardening leave in US. Sources of NBTV reveals that headquarter for the new venture will be in Singapore that will focus mainly at the commercial office space and residential projects in major cities of the country like Mumbai, Delhi and Bangalore. Looking the current market scenario it is been observed that there is a huge demands for the private equity funds for the Indian real estate business as banks has a lengthy formalities to clear up the funds. But it is not the end of the story as sometimes it is very difficult to find subsidizer for the proper use of the private funds in an appropriate manner.
According to the NBTV sources Naresh Naik will be raising two funds. First is the overseas fund of $300 million for which a commitment has been already secured for the sum of $100 million. This portion will be for the projects acquiescent with India’s overseas direct asset norms.
Secondly he has received commitments for around $75 million in domestic criteria. But there is no reveal for the fund size yet. On a short note with the asset analyst, they made it clear that it will be much comfortable utilize the fund with in the nation rather looking for the foreign investor.
Property analysts say raising money within India is a surer bet than from wary foreign investors. If everything goes smooth with fine transparency than definitely it will be a great measure to the real estate sector of India.
Source: NIMMA BENGALURU
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