JM Financial to take AIF route to fund realty projects

The JM Financial Group has decided to fund real estate projects through the alternative investment fund (AIF) route (rather than the NBFC route). The group will soon set up a AIF for land and approval financing.The group is looking to realign its wholesale credit businesses, which includes real estate, bespoke, distressed credit and institutional financing. The wholesale lending book fell to INR 4,917 crore at the end of March 31, down 42% from INR 8,445 crore a year ago.