The haircuts could range from 20-60% depending on the net asset value of the project, according to industry estimates.
The special fund will invest in upcoming and completed projects.
The move will also see Indiabulls exit the real estate business to focus entirely on financial services.
The Ascendas-Singbridge Group manages over 17 mn sq. ft across its portfolio in India.
Both partners will commit $200 million each, in the form of equity, and raise another $600 million in the form of debt.
The pair will acquire fully operational hotels mainly in the luxury, upper upscale and upscale segments in India.
The demand for capital is significant, particularly in the housing sector, as home sales continue to be slow and external financing is needed for cons
Axis RERA Opportunities Fund I has signed its first deal to invest ₹60 crore in a township project of Chennai-based developer Akshaya Pvt. Ltd.
The Indiabulls Group is believed to have sounded out joint venture partner Blackstone and other leading developers to offload its stake in the JV.
The Bengaluru-based developer will raise ₹800 crore as equity and partner a foreign investor primarily to build a commercial office platform.
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