Indiabulls to raise Rs1,000 crore from NRIs for real estate fund

Indiabulls Alternative Investments Ltd plans to raise as much as Rs.1,000 crore for a new fund from non-resident Indian (NRI) investors based in West Asia, Asia-Pacific and Europe. India Opportunities Fund, a real estate-focused, alternative investment fund (AIF), allows NRI investors, along with persons of Indian origin (PIOs) and other foreign investors, to participate in domestic real estate investments. It plans to initially raise Rs.500 crore and raise an additional Rs.500 crore in case of higher-than-expected demand.