ICICI Prudential AMC Plans ₹2,000 Crore Mumbai Housing Fund

₹2,000 Crore Fund to Power Mumbai’s Next Wave of Housing Redevelopment.

ICICI Prudential Asset Management Co. is raising a ₹2,000 crore residential development fund focused on Mumbai and the wider Mumbai Metropolitan Region (MMR), where strong housing demand and redevelopment are creating new opportunities. The fund, with a ₹1,000 crore green-shoe option, will operate as a six-year, close-ended Category II AIF and target a gross IRR of around 20–25%. The strategy will primarily focus on residential development and redevelopment in prime Mumbai micro-markets, where greenfield land is increasingly scarce. Between 2020 and 2025, more than 1,100 society-level redevelopment agreements were recorded, unlocking nearly 432 acres of land. A key funding gap exists before construction begins, covering society payouts, transit accommodation, premiums and approvals. Banks and NBFCs generally enter later with construction finance, creating strong demand for early-stage capital.