Focus on Metro/Tier I cities only

• Focus on 'development' phase or real estate; build to intrinsic end user affordability.

• Mumbai, National Capital Region (Delhi), Bangalore, Pune, Hyderabad and Chennai; Locations with established demand.

Focus Segment : Residential

• 70% portfolio allocation to residential; ensure entry at land cost basis whilst ensuring 'affordability' metric.
• No hospitality or retail on standalone basis.
• Mixed use projects - 70% composition of residential project helps generating cash flows for commercial construction.
• 30% commercial - objective is rental yield coupled with capital appreciation.

Finance Strategy : Unlevered

• Zero leverage at fund level and minimal leverage (<~10%) at SPV level.
• Pre-sales cash flow driven residential model.
• Commercial portion funded primarily from cash flows of residential.

Downside Protection

• Ensure that the developer contributes capital to the project which ensures "skin in the game" and leads to effective cost control, quality adherence and timeliness of delivery.
• Strict veto rights at SPV level.
• Third party execution at fund's discretion.
• Right to appoint Project Management Consultants (PMC).
• Innovative structuring with milestone based payment and preferred structures.
• Local city presence through a combination of investment and asset level teams.