A subsidiary of LIC (Life Insurance Corporation of India), LICHF ( LIC Housing Finance Ltd) plans to launch a Rs 500-750 crore real estate venture capital fund shortly.
According to Mr. V K Sharma, Chief Executive Officer, “It should happen in 2-3 month period. We have got all the necessary approvals and permission from the central government.For this, Our company will seek funds from domestic institutions, HNI's (High Net-worth Individuals) and banks. The venture capital’s focus will be to invest primarily in urban real estate sector.”
The fund will be raised through LICHF's subsidiary, LIC Housing Finance Asset Management Co.
Mr. V K. Sharma also said, ''LICHF plans to disburse Rs 25,000 crore loans in the current fiscal (2011-12). As there is more demand from real end-users, 93% of our lending is to retail, home loan borrowers. Rest of the lending is to commercial real estate for construction. Compared to the previous fiscal, the share of LIC HFL's lending to commercial real estate has come down from 12% to 7% this year.”
The LICHF plans to launch affordable housing projects for senior citizens in all the state capitals. It have already begun constructing houses for senior citizens in Bhubanehwar. Next year, It will start a similar project in Bangalore.
In last year LICHF said it would build affordable housing in the price range of Rs. 6 to Rs.8 lakh, picking one state every year. For this purpose the company has already acquired plot of lands in Bangalore and Jaipur.
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| Mr. V K Sharma, Chief Executive Officer |
According to Mr. V K Sharma, Chief Executive Officer, “It should happen in 2-3 month period. We have got all the necessary approvals and permission from the central government.For this, Our company will seek funds from domestic institutions, HNI's (High Net-worth Individuals) and banks. The venture capital’s focus will be to invest primarily in urban real estate sector.”
The fund will be raised through LICHF's subsidiary, LIC Housing Finance Asset Management Co.
Mr. V K. Sharma also said, ''LICHF plans to disburse Rs 25,000 crore loans in the current fiscal (2011-12). As there is more demand from real end-users, 93% of our lending is to retail, home loan borrowers. Rest of the lending is to commercial real estate for construction. Compared to the previous fiscal, the share of LIC HFL's lending to commercial real estate has come down from 12% to 7% this year.”
The LICHF plans to launch affordable housing projects for senior citizens in all the state capitals. It have already begun constructing houses for senior citizens in Bhubanehwar. Next year, It will start a similar project in Bangalore.
In last year LICHF said it would build affordable housing in the price range of Rs. 6 to Rs.8 lakh, picking one state every year. For this purpose the company has already acquired plot of lands in Bangalore and Jaipur.
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