Aniket PujariBENGALURU: Property developer Address Maker has struck a ₹200 crore private credit deal with AI Growth Pvt. Ltd (AIGPL) to help with its projects, purchase of land and plans to enter new markets, top executives of both companies said.
AIGPL, through its affiliate entities, will provide a rolling capital framework to support the Bengaluru-based developer across land acquisition and land aggregation, joint development agreement opportunities and project-related funding needs.
AIGPL, which provides curated capital solutions for companies and structured financing support, has an online bond platform named Jiraaf that is registered with the Securities and Exchange Board of India, and a non-banking financial company. For Address Maker, this committed capital arrangement ensures flexible access to funding, enabling the company to strengthen its project pipeline and act on strategic opportunities.
“This partnership gives us the financial agility to accelerate our next phase of growth in Bengaluru and marks an important step as we plan to expand in new markets like Mumbai,” said Khushru Jijina, chairman of Address Maker.
The real estate company has delivered about 6.7 million sq. ft of residential apartments, villas, commercial spaces and plotted developments in Bengaluru, with an additional 5.2 million sq. ft in the pipeline. It is now exploring redevelopment project opportunities in Mumbai.
Capital solutions
India has emerged as one of the most dynamic real estate private credit markets in Asia-Pacific, claiming second position and accounting for 36% of regional fundraising from 2020 to 2024, property advisory Knight Frank said in a recent report. Supported by regulatory reforms, diversified funding structures and sustained demand for flexible financing, the country is expected to contribute 20-25% of the region’s $90-110 billion growth in private credit by 2028.
“It is encouraging to see our holding company and its affiliates extend structured capital solutions to high-quality partners such as Address Maker,” said Vineet Agrawal, co-founder of AIGPL.
Private credit in India has expanded, driven by the increased reliance of developers on non-bank capital amid a tighter lending environment. According to the Knight Frank report, the country’s private credit landscape is evolving beyond traditional development finance. Structured debt, last-mile funding and special situation funds are playing a larger role in supporting developers.
