Capital for the stage at which India’s homes are hardest to finance
Integrow extends structured credit to proven residential developers from land acquisition through approvals and construction to completion, and monitors each investment through to repayment.
Offered only to eligible investors by private placement. Not an offer or solicitation. Investments involve risk, including loss of capital.
7 metros
Infill micro-markets in MMR, Pune, Bengaluru, Hyderabad, Chennai, Ahmedabad and Delhi NCR.
1 mn sq ft
The minimum delivery record we require of a developer.
End-user demand
Mid-segment, affordable and redevelopment projects with a proven local sales record.
Promoter-first underwriting for residential real estate credit.
A project is only as sound as the people delivering it. Every investment starts with promoter profiling: the promoter’s credibility, governance and conduct with past financiers, and a developer track record of completed, delivered projects. The site, the approvals and the cash flow come after.
We then finance those developers’ residential projects from the point land is secured to the point the project is complete. Investments are typically structured for 18 to 30 months, with repayment expected from project cash flows or a defined exit.
Land acquisition
Capital to secure a project site with a clear path to approval.
Approvals
Funding through RERA, IOD and CC, the stage that sets a project’s timeline.
Early construction
From groundbreaking up to plinth, released against verified milestones.
Completion
Last-mile capital to finish construction and hand over homes.
Five disciplines in our credit policy.
Our investment policy sets these rules before any transaction is considered, so they apply to every deal in the same way.
No land banking.
We fund land only when it is acquired for a planned project with a clear path to approval, never land held for price appreciation.
Secured exposure only.
Each commitment carries a defined security package. Security reduces, but does not remove, the risk of loss.
Covenants are enforced as documented.
Our policy is not to waive defaults.
Capital follows milestones.
We release each tranche after our team verifies progress on site.
Enforcement within 60 days.
Our policy is to begin legal action within sixty days of a trigger.
How we underwrite residential construction finance.
We review more than a hundred opportunities a year. Most do not pass the first screen. We examine the rest on four fronts before the Investment Committee sees them.
GATE 01 ·The developer
Every developer is scored on our 22-point scorecard. At least one million square feet delivered, which we verify. We check the credit and legal history of founders and every related entity, and we ask past financiers how they were repaid.
GATE 02 ·The project
We verify RERA, IOD and CC approvals independently and check pricing against the micro-market.
GATE 03 ·The cash flow
An escrow account controls every inflow and outflow. We stress-test loan-to-value and loan-to-cost, and require interest cover of at least 1.5× in the base case.
GATE 04 ·The structure
We take an exclusive charge over project assets and receivables, plus personal guarantees where the case calls for them. Counsel validates the enforcement documents before we commit.
Screen
We remove land-only, speculative and poorly governed proposals at the first gate.
Commit
An independent Investment Committee scores the risk. We commit only on a unanimous vote.
Govern
We disburse against verified milestones and inspect sites periodically.
Leadership
Ram Yadav
Founder & Chief Executive Officer
Ram Yadav has spent 25 years on the capital side of Indian real estate, across investment banking, structured finance and asset management. As Chief Executive Officer of Edelweiss Real Estate, he deployed over US$533 million and built an institutional real estate lending book, supported by an integrated distribution platform. At Shapoorji Pallonji, he went on to lead the resolution of more than fifteen stressed developments.
He founded Integrow to institutionalise real estate credit in India. His career spans both ends of the credit cycle: originating institutional credit at scale, and working through recoveries after projects failed. Integrow was built to turn that judgment into a repeatable system, applied consistently across underwriting, monitoring and investor reporting. It is the reason the firm underwrites the downside first.
How eligible investors invest in our Category II AIF.
We work with family offices, institutions and HNI/UHNI investors whose mandates allow a close-ended, secured residential credit allocation. Most start with a call.
→Introduction
A private conversation with our team to understand your mandate.
→Eligibility
Our compliance team confirms your identity, KYC and AIF eligibility.
→Diligence
Private Placement Memorandum, supporting documents and direct access to the investment team.
→Commitment
You sign the fund documents. We accept contributions only into the fund’s designated account.
Category II AIF questions from investors
Who can invest, and what is the minimum?
Family offices, institutions and HNI/UHNI investors who meet AIF eligibility criteria. SEBI sets a minimum commitment of ₹1 crore for most investors. Non-resident Indians may invest, subject to conditions on eligibility and approvals.
What is the term, and can I exit early?
Category II AIFs are close-ended, so units generally cannot be redeemed on demand. Each fund’s Private Placement Memorandum sets its term and any extension, which requires investor approval where the regulations say so.
How are distributions made?
As the fund receives interest and repayments from its investments, it distributes them to investors on the schedule set out in its Private Placement Memorandum. Distributions are not guaranteed.
What happens if a developer delays or defaults?
We review the cause, escalate to the Investment Committee and act under the transaction documents, starting legal action within sixty days of a trigger. Enforcement can take longer than planned and may recover less than is owed. Investors can lose capital.
What will I receive as an investor?
Quarterly reports on each fund’s portfolio, with valuation and audit as set out in its Private Placement Memorandum. Investors also have access to an online portfolio dashboard.
How is an investment in the fund taxed?
It depends on the type of income, the fund’s structure and your own status. Please take advice from your tax adviser; the Private Placement Memorandum sets out the fund’s tax position.
Discuss a mandate with our investment team.
For eligible investors and their advisers. Tell us what your mandate needs and a senior member of the team will respond personally. An enquiry carries no commitment and is not an offer of fund interests.
