Nisus Finance Services Co. Ltd. has completed an early exit from its investment in Skytech Estates Pvt. Ltd., delivering a 1.5x multiple on invested capital and an internal rate of return of approximately 16.5 per cent, underlining growing investor confidence in well-structured real estate opportunities outside India’s primary metros.
The exit was finalised on February 3, nearly four months ahead of the originally scheduled June 2026 timeline. The investment, made in 2023 through Nisus Finance’s Real Estate Special Opportunities (RESO) Fund, was structured via senior secured redeemable non-convertible debentures, providing downside protection while allowing participation in project upside. Skytech Estates is developing a mixed portfolio comprising a retail mall project in Rohtak and a residential development in Greater Noida both markets that have seen increased end-user demand driven by regional economic expansion, improved connectivity, and spillover growth from the National Capital Region. According to industry observers, the transaction reflects a broader recalibration underway in India’s real estate finance ecosystem, where structured credit strategies are increasingly being deployed in tier-2 and emerging urban markets. These locations, while historically viewed as higher-risk, are now attracting institutional capital due to lower land acquisition costs, improving sales velocity, and stronger regulatory oversight. The investment has been fully discharged, with all dues settled and security interests released.
This closure highlights the importance of active asset monitoring and structured engagement with developers an approach that has become critical in a market still recovering from liquidity stress cycles witnessed earlier in the decade. People familiar with the transaction said Nisus Finance navigated intermittent cash flow pressures during the holding period, using proactive oversight and stakeholder coordination to safeguard capital and maintain project momentum. The early resolution is seen as a validation of structured debt instruments in managing execution risk, particularly in mixed-use developments. For real estate investors, the exit also reinforces the evolving role of alternative investment funds in bridging the financing gap for mid-scale developers operating beyond India’s top cities. With traditional bank lending remaining selective, structured private capital is increasingly shaping project viability in regional growth corridors.
Market analysts note that successful exits such as this could further accelerate capital deployment into secondary cities, especially for retail and residential formats aligned with local demand fundamentals. As urbanisation deepens across India’s non-metro regions, disciplined real estate credit strategies focused on asset quality, security coverage and execution oversight are likely to play a defining role in financing the next phase of city-building.
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