Fund Overview

India Realty Fund - I

India Realty Fund (IRF I) is a SEBI registered venture capital fund focused on real estate markets in high growth cities in Southern and Western regions in India in residential space. is the maiden offering of Azure Capital, launched in the year 2010. The Fund is largely equity oriented, although it has invested in excellent mezzanine structures in convertible format. IRF I has so far invested in five Projects as follows:

• Villa Project "Breathe" in Sarjapur, outskirts of Bengaluru, Karnataka
• Plotted development Project "Commanders 7th Avenue" in Chikka ballapur, outskirts of Bengaluru, Karnataka
• Plotted development Project "Excel Hyde Park" in Anekal, outskirts of South Bengaluru, Karnataka
• Plotted development Projects, "NJ Eco Habitat II & III" & shops in Dahej, Gujarat, located on the Delhi-Mumbai Industrial Corridor
• Row house Project "Zinnia" in Dahej, Gujarat
• Apartment Project, "Accurate Wind Chimes" in Hi Tech City, Hyderabad, Telangana

Performance & Income Distribution

IRF-I has been able to generate decent performance. Based on the current Net Equity
Value as computed by R V Shah & Associates, Chartered Accountants, the NAV of
Unit A of IRF-I as on 31st March, 2017 is Rs.1,50,737.88 ( adjusted for
distributions and subject to Carry to the Investment Managers), reflecting a growth
of over 50% achieved within 57 month from the final closing date ( Jan 2012).

IRF-I has so far made twenty seven rounds of income distributions/ capital redemption, From March’14 to May’17 to the unit holders, which translates to close to Class A 60.87% of the capital being returned. We expect continuation of income distribution in regular intervals as our policy is to distribute the returns to the investors as and when we generate them.

New Offering

The management team is currently engaged in structuring the next fund, which will
be under the AIF (Alternate Investment Funds) Guidelines by SEBI.