NCR-based SGRE Fund, an Alternative Investment Fund worth ₹2,000 crore, promoted and managed by realty company Nirala World and Venture Capital firm Sea Fund, has raised ₹450 crore to invest in real estate projects of which ₹125 crore has already been disbursed to two stuck projects in Noida.
SGRE Fund is a scheme-based fund and is registered with the Securities and Exchange Board of India (SEBI) under Category II. SGRE Fund will provide finance to all types of real estate companies developing both residential and commercial projects across NCR in the form of investment and loans through debenture and equity participation. It is also open to funding stuck projects.
“Funding has already been provided to two or three projects out of a total of four to five identified. Under the first scheme, ₹450 crore has been allocated, with ₹125 crore already disbursed to two stalled projects. We remain open to supporting more projects,” said Suresh Garg of Nirala World.
Two payouts totaling ₹125 crore have already been made under the SGRE Fund's first program. Another round of disbursements is expected soon, as several projects are currently undergoing due diligence, including assessments of economic viability, technical feasibility, land titles, outstanding dues, and legal clearances. To support this, the fund has applied for approvals worth ₹500 crore. Additionally, SGRE Fund has applied for a second scheme, valued at ₹500 crore, which will involve equity participation to further expand its portfolio, the company statement said.
Suresh Garg, promoter of SGRE Fund, said, “Any project in need of funding can apply to us. Our legal and technical teams assess the project's feasibility, and after completing the standard evaluation process, a proposal is forwarded to the standing committee for approval. Projects with clear land titles, no legal issues, and strong economic viability are considered eligible for funding. However, the final decision rests with the investment committee.”
{{/usCountry}}Suresh Garg, promoter of SGRE Fund, said, “Any project in need of funding can apply to us. Our legal and technical teams assess the project's feasibility, and after completing the standard evaluation process, a proposal is forwarded to the standing committee for approval. Projects with clear land titles, no legal issues, and strong economic viability are considered eligible for funding. However, the final decision rests with the investment committee.”
{{/usCountry}}SGRE Fund has invested in projects stalled due to funding shortages and is open to supporting those struggling to secure financing from banks, financial institutions, or other alternative investment funds. The fund is also willing to assist promoters who need to infuse initial capital to qualify for funding under the SWAMIH scheme.
“The SGRE Fund will secure its return through equity share and debenture participation,” Garg said.
The fund will be raised through third-party capital from sophisticated institutional and individual investors, in line with SEBI regulations. This includes contributions from family offices, high-net-worth individuals (HNIs), insurance companies, pension funds, banks, financial institutions, sovereign wealth funds, multilateral agencies, and other institutional investors, the statement said.
Garg is a chartered accountant and chairman and managing director of Nirala World. The company has delivered over 10 million sq. ft. of residential developments, including projects like Nirala Eden Park, Nirala Estate, and the ongoing Nirala Trio. The company is also preparing to launch two new commercial projects in Greater Noida West.