Motilal Oswal Closes ₹2000 Crore Real Estate Fund, Boosting Urban Housing Market
Motilal Oswal Alternates (MOA) has successfully closed its sixth real estate fund, Indian Realty Excellence Fund VI (IREF-VI), raising ₹2000 crore. The fund focuses on mid-income residential projects, reflecting strong domestic and international investor confidence in India's real estate market.
Real EstateMotilal OswalIndian Realty Excellence FundMidincome ResidentialAlternative InvestmentsReal Estate NewsJul 22, 2025
A significant portion of the capital was raised from family offices and Indian high-net-worth individuals (HNIs), highlighting strong domestic confidence in the real estate credit market. Additionally, commitments from offshore investors via the GIFT City route indicate growing global faith in the Indian real estate sector.
Saurabh Rathi, Managing Director & Co-Head (Real Estate) at MOA, commented, “Credit demand for land acquisition in India is rapidly increasing, driven by a renewed appetite for residential development, rising land values, and a limited availability of structured capital. With the continued tightening of regulatory norms for traditional lenders, alternative credit platforms like ours are stepping in to bridge the funding gap with tailored solutions that cater to the unique needs of developers.”
MOA has allocated capital across 15 real estate projects, partnering with leading developers such as Ajmera Realty, Runwal Enterprises, Ambuja Neotia Group, Casagrand Group, Radiance Realty, Mantra Properties, Assetz Group, Akshar Group, Bhagwati Group, and ASBL Group. To date, 75 percent of the fund has been deployed in key urban markets, including Mumbai, Pune, Chennai, Bengaluru, Hyderabad, and Kolkata.
MOA has achieved its first exit from IREF VI, delivering an impressive internal rate of return (IRR) of 20.25 percent. To date, the firm has executed over 180 investments and achieved more than 110 full exits. Since the beginning of 2024, MOA has committed over ₹2500 crore across more than 35 real estate projects and exited over 30 investments, with total divestments exceeding ₹2200 crore.
Vishal Tulsyan, Co-founder and Executive Chairman of MOA, noted that over the past decade, the firm has established a unique position in the alternative asset management space by combining deep sector expertise with a robust governance framework. The platform’s cumulative assets under management (AUM) in real estate now exceed ₹10,000 crore, spread across six real estate funds and multiple co-investments. Overall, the alternative investments platform manages more than $2 billion in cumulative AUM across real estate and private equity strategies.
Frequently Asked Questions
What is the Indian Realty Excellence Fund VI (IREF-VI)?
The Indian Realty Excellence Fund VI (IREF-VI) is a real estate fund managed by Motilal Oswal Alternates (MOA) that has raised ₹2000 crore. It focuses on mid-income residential developments to meet the rising demand from urban homebuyers.
Who are the main investors in IREF-VI?
The main investors in IREF-VI include family offices, Indian high-net-worth individuals (HNIs), and offshore investors via the GIFT City route.
Which cities are the key markets for IREF-VI investments?
Key urban markets for IREF-VI investments include Mumbai, Pune, Chennai, Bengaluru, Hyderabad, and Kolkata.
What is the internal rate of return (IRR) achieved by MOA from its first exit in IREF-VI?
MOA has achieved an internal rate of return (IRR) of 20.25 percent from its first exit in IREF-VI.
What is the total cumulative AUM managed by MOA in real estate?
MOA’s cumulative assets under management (AUM) in real estate exceed ₹10,000 crore, spread across six real estate funds and multiple co-investments.
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