Sharia compliant Secura India Real Estate Fund launches second scheme

KOCHI: Secura India Real Estate Fund, the first Sharia compliant venture capital fund has launched its second scheme of real estate fund with a size of Rs 50 crore. It is promoted by Kozhikode based by Secura Investment Management (India) Pvt. Ltd.

MA Mehaboob, managing director of the Secura Investment Management, said the fund seeks to make investments in privately negotiated equity and equity linked investments in unlisted or listed companies in sectors related to real estate activities in Kozhikode and Kochi primarily.

The first scheme was launched in 2009. Under the first scheme, Secura Investment successfully implemented real estate projects in Kozhikode. Secura expects that a yearly profit in the range of 18 to 20 per cent may be paid to the investors of the first scheme after exiting from all projects.

The new scheme will have tenure of 5 years with a minimum investment of Rs 5 lakh which shall be paid in instalments in 18 months' time. Initial closing is fixed on November 30, after which there will be a premium of 2 per cent. Secura targets 18-25 per cent return per annum to be paid to the investors.

It is the first SEBI registered real estate venture capital fund in Kerala and the investments and operation of the fund will be subject to the compliances of Islamic finance rules, Mehaboob said.