Poddar Group and Keventer Group have launched a ₹400-crore real estate debt fund to finance selected projects in West Bengal and Delhi-NCR, creating a new institutional capital platform focused on secured lending to the property sector.
The Category-II Alternative Investment Fund, named Poddar Keventer Real Estate Fund – Scheme I, has a green shoe option of ₹200 crore. If fully exercised, the fund’s corpus could rise to ₹600 crore. The fund is being managed by Poddar Keventer Capital Advisors Pvt. Ltd.
According to the announcement reported by Sanmarg, the fund will invest primarily in secured real estate debt opportunities across Delhi-NCR and West Bengal. Its stated target is to generate a gross internal rate of return of 18 to 22 per cent before expenses. The fund’s strategy will cover projects in the ultra-luxury, premium and mid-market segments.
The sponsors have committed to invest ₹80 crore, equivalent to 20 per cent of the target corpus. The commitment is intended to align the financial interests of the two sponsors with those of other investors in the fund.
The fund’s proposed lending model includes secured debt structures, security cover, escrow arrangements, covenants, construction-stage-linked disbursements and continuous monitoring. These mechanisms are designed to link the release of capital to project progress and provide lenders with additional safeguards, according to the announcement.
Keventer Group Chairman and Managing Director Mayank Jalan said infrastructure development in Delhi-NCR and West Bengal, changing consumer aspirations and demand for quality housing were creating opportunities in the real estate sector. He said disciplined capital deployment and strong ground-level execution would be necessary to convert those opportunities into sustained value.
Akshay Poddar, promoter of the Saroj Poddar Group, said India’s AIF ecosystem was developing rapidly and that real estate had become a significant alternative investment segment. He identified governance, disciplined capital allocation and long-term alignment with investors as priorities for the platform.
Gaurav Agrawal, head of operations at Poddar Keventer, said projects would be assessed before investment on the basis of their underlying fundamentals, the promoter’s capability and cash flows. He added that appropriate security arrangements and ongoing monitoring would be central to the fund’s investment strategy.
The fund is expected to provide structured finance to a selected group of real estate projects rather than operate as a conventional construction lender. Its focus on multiple project segments and two regional markets gives it exposure to developers seeking capital outside traditional bank financing, although the announcement does not identify the projects or borrowers that may receive funding.
The launch has been described as the first AIF reportedly launched by a real estate developer from West Bengal. The fund’s next steps will involve identifying eligible projects, completing due diligence and deploying capital under the stated security and monitoring framework.
