NeoLiv looks to close Rs 1,000-crore maiden real estate fund, to deploy money in 8 projects

NeoLiv's first two projects are located in Alibaug and Sonepat, with plots expected to be available at around Rs 1-1.5 crore

Real estate startup NeoLiv, which also runs an alternative investment fund (AIF), plans to close its first fund with a total raise of Rs 1,000 crore and use the money to back its foray into the plotted development space, founder and chief executive officer Mohit Malhotra has said.

The firm plans to launch eight projects, primarily in the plotted development and villa segment, across key cities, Malhotra, a former managing director and CEO of Godrej Properties, told Moneycontrol.

"Our initial close was of around Rs 300 crore, and since then, we have raised around Rs 100 crore more. Our target closure of this fund is at around Rs 1,000 crore, for which we are looking at various opportunities," Malhotra told Moneycontrol.

“Family offices have invested in the fund due to the opportunity and demand in real estate projects. We have signed eight term sheets, of which two projects are expected to go live soon.”

The two projects, in Haryana’s Sonepat, which is close to Delhi, and at Alibaug in the Mumbai Metropolitan Region (MMR), are in the approval stages and will likely be launched in the March quarter.

While NeoLiv bought the land parcel in Alibaug, for Sonepat, it has entered into a joint venture partnership with Royal Green Realty.

NeoLiv expects to sell plots at both Sonepat and Alibaug in the Rs 1-1.5 crore price range and expects to generate a total booking value of around Rs 1,000 crore.

From the full deployment of Rs 1,000 crore from the AIF, Malhotra said the company sees a booking value potential of around Rs 4,000 crore.

Malhotra founded NeoLiv in early 2023, with asset management firm 360 One owning a 15 percent stake in the firm.

While other plotted development and villa players were focused on tourist and religious destinations, NeoLiv would look to expand in and around large cities such as Delhi-NCR and the MMR, Malhotra said. Mumbai’s Panvel-Alibaug belt is where the company would focus, he said.

Several real estate players have acquired land parcels in the Kasara-Alibaug belt for villas and plotted development to take advantage of infrastructure projects such as the trans-harbour Atal Setu, and the upcoming Navi Mumbai International Airport, which is less than 20 km from some of the locations.

Similarly in Delhi-NCR, NeoLiv and others are banking on road projects such as the KMP Expressway to significantly cut travel times to office hubs such as Gurugram and Noida.