MYRE Capital raises Rs 50Cr via offering of a Pune township
On Wednesday, a startup called MYRE Capital has raised Rs 50 crore through its offering of an integrated township in Pune, after receiving a 100% commitment from investors. They enable fractional investing in real estate projects to its investors.
According to the startup, they offer an average rental yield of 8.8% to investors which is of course higher returns when compared to debt and corporate bonds and fixed deposit rates currently.
MYRE’s project in Pune, Hadapsar has helped it raise the funding. This is where most of the high net-worth individuals are landlords and is called the Magarpatta Cybercity. In a recent press statement, Myre says that they have a targeted IRR (internal rate of return) of about 18.5% and the lowest vacancy rates.
“Pune is one of the most important IT/ITes hubs in India, which makes Magarpatta a lucrative asset opportunity, considering stability in current market conditions and future growth prospects,” said Aryaman Vir, founder and CEO of MYRE Capital in a press release.
With people looking for tech-enabled ways to diversify their investment portfolios, fractional investing projects have seen a lot of takers in recent times. Retail investors have poured in to purchase slices of assets that can give them good returns without too many overhead costs. Plus, Myre has diversified assets ranging from sustainable projects to residential and commercial real estate.
This system of fractional investing creates a large enough corpus to invest in high-value projects through the pooling of money.
“We have received investor interest from 14 different countries. The investor profile comprises lawyers, chartered accountants, doctors, pilots, captains, engineers, techies, and people in various other fields. We aim to democratize real estate ownership, making it accessible to a wider range of investors,” Aryaman added.
He added that Morphogenesis’s tech-enabled fractional ownership arm, MYRE Capital expects to acquire similar assets for retail investing in cities such as Mumbai, Bengaluru, Hyderabad, Delhi-NCR, and Pune.
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