Poddar Keventer Launches ₹400 Crore Real Estate Debt Fund for Delhi-NCR and West Bengal

 

By The Realty Times | Real Estate News Services

New Delhi: Poddar Keventer Capital Advisors Pvt. Ltd., backed by the Saroj Poddar Group and Keventer Group, has launched its maiden Category II Alternative Investment Fund (AIF) focused on secured real estate debt opportunities.

The Poddar Keventer Real Estate Fund – Scheme I has a target corpus of ₹400 crore, with a ₹200 crore greenshoe option that could take the total fund size to ₹600 crore. The fund will focus on selected real estate opportunities across Delhi-NCR and West Bengal.

The fund will follow a secured debt financing strategy, providing structured capital to selected projects rather than taking direct equity positions in developments.

Its investment mandate covers projects across the ultra-luxury, premium and mid-market segments. The investment framework is expected to combine security cover, escrow arrangements, covenant safeguards, milestone-linked drawdowns and ongoing project monitoring.

The fund has set a target gross internal rate of return (IRR) of 18%–22% before expenses, according to the sponsors. This is a target and not a guaranteed return for investors.

The sponsors have committed ₹80 crore, equivalent to 20% of the fund's target corpus. The contribution is intended to align the interests of the sponsors with those of other investors.

The initiative brings together the institutional and investment capabilities of the Saroj Poddar Group with Keventer Group's experience across real estate and other businesses in eastern India.

The fund will concentrate on two major real estate markets—Delhi-NCR and West Bengal. According to the sponsors, infrastructure development, changing consumer preferences and demand for quality housing are creating opportunities in both regions.

The two groups also plan to jointly develop around 11–12 million sq ft over the next six years, according to reports. This provides a broader development pipeline alongside the fund's debt-investment strategy.

The launch comes as alternative sources of capital become increasingly important to India's real estate sector. Developers are using structured debt, private credit and AIFs alongside traditional bank financing to fund construction, project expansion and new developments.

For Poddar Keventer, the new fund represents an expansion from real estate development and business operations into institutional real estate financing.

The ₹400-crore target, with the potential to scale to ₹600 crore through the greenshoe option, therefore adds another source of structured capital to the residential real estate ecosystem in Delhi-NCR and West Bengal.