BlackOpal to fund real estate projects through NBFC, AIF

Real estate management firm BlackOpal is looking to raise fund for NBFC and Alternate Investment Fund (AIF) to provide last mile funding to stuck real estate projects.

The company is looking to raise Rs 25 crore each for NBFC and AIF to fund both residential and commercial projects.

“We are awaiting the approval for the NBFC from RBI, which is expected in the near future. The NBFC will play a pivotal role in our asset management full integration that we aim to achieve going forward – a symbiotic relationship with our borrowers by providing a financing option while enhancing the other relevant functions of their business,” said Prasoon Chauhan, Founder of BlackOpal.

Leveraging his expertise of project financing and development business, Chauhan said that BlackOpal will be able to support developers as a niche asset manager with a capability of managing the entire project in a DM model or through equity participation or managing specific functions.

At present BlackOpal is actively managing 5 projects in different capacities aggregating to 2.5 million sq ft valued at over Rs 1,325 crore.

“Most of the projects just require a last-mile funding and through NBFC and AIF, we hope to do that,” Chauhan added.

Amongst all the projects, four projects are located in Ghaziabad, one project in Noida and one project is located in Greater Noida. The company is looking to invest Rs 10-15 crore in each project.