NeoLiv eyes Rs 12,000 crore revenue from 10-12 upcoming housing projects

NeoLiv is planning to undertake the development of 10 to 12 residential projects with an estimated revenue potential of approximately Rs 12,000 crore. 

NeoLiv, founded by Mohit Malhotra, former MD and CEO of Godrej Properties, in collaboration with six other equity partners, operates with two divisions: NeoLiv Capital Advisor and NeoLiv Real Estate.

NeoLiv Capital Advisor has received approval from the capital markets regulator SEBI for Category II AIF, aiming to raise $150 million, which includes a $60 million green-shoe option.

NeoLiv Real Estate will manage real estate projects through a development management model.

Equity partner expansion

Asset management firm '360 One', with a focus on wealth and alternatives has acquired a minority stake in NeoLiv, increasing the total equity partners to eight.

Malhotra stated, "NeoLiv is an integrated residential platform with both fund management and development arms, creating a beneficial situation for all stakeholders, including investors and customers."

The first close of the AIF is anticipated by the end of this year. Malhotra, who spent nearly 12 years at Godrej Properties, is leading the venture.

Project expansion strategy

NeoLiv has identified 12 projects in Delhi-NCR and the Mumbai Metropolitan Region (MMR) and is currently in discussions with property owners for Joint Development Agreements (JDAs).

Malhotra explained, "We have identified 12 deals across NCR and MMR. We plan to develop 10-12 housing projects with an estimated revenue range of Rs 10,000-12,000 crore."

Expansion objectives set

The company aims to enter into 7-8 JDAs by the end of this fiscal year, with a total development potential of 10 million square feet. For plotted development, they may consider outright land purchases.

Malhotra added, "We expect to launch a minimum of two residential projects in the next fiscal year."

NeoLiv's projects will encompass group housing and plotted development, with a primary focus on serving customers in the middle-income segment looking for high-quality homes. The majority of their offerings will be priced between Rs 1-3 crore per apartment, and plots will range from Rs 50 lakh to Rs 1 crore.

(With PTI Inputs)