Nisus Finance, an alternate fund manager and urban infrastructure investment firm, has successfully exited Project High Cliff, a late-stage residential development in Bellandur, Bengaluru. This investment was made through rated, listed non-convertible debentures under its Real Estate Special Opportunities Fund-1 (RESO-1), yielding an Internal Rate of Return (IRR) of 23% over two years.
Project High Cliff covers 1.4 acres with a saleable area of approximately 240,000 sq. ft., featuring 196 units in 1, 2, and 3 BHK configurations aimed at affordable and mid-income buyers.
“High Cliff exemplifies a special situation where structured capital can create significant value — strong demand paired with a quality project requiring timely intervention. Our investment injected governance, capital stability, and strategic alignment to expedite execution. This exit illustrates the effectiveness of RESO-1’s strategy in uncovering high-value opportunities and delivering superior risk-managed outcomes,” stated Avadhoot Sarwate, CIO & Director of Nisus Finance.
The strategic infusion of structured capital from RESO-1 delivered the necessary financial stability and governance to expedite the project’s execution, helping it navigate critical approval delays. The success of Project High Cliff highlights RESO-1’s broader strategy of deploying structured credit to mitigate project risks while ensuring consistent, risk-adjusted returns over short- to medium-term periods.
The project is being developed by the Hiren Wahen Group, led by MD & CEO Narendra Babu Kalahasti, who mentioned that the group has completed nearly one million sq. ft. across various projects. He added, “Nisus Finance’s investment arrived at a pivotal moment. Their structured approach helped us regain financial stability and renewed momentum for execution. We are now in the final delivery phase with increased confidence from homebuyers and stakeholders.”
This successful exit underscores the growing role of specialized real estate credit platforms in addressing significant market gaps. With traditional banks and non-banking financial companies (NBFCs) limited in funding land acquisitions and certain working capital needs, an estimated $15 billion funding gap has emerged in the special situations segment.
Alternative fund managers like Nisus Finance are increasingly stepping in to provide the flexible, structured capital necessary to stabilize projects and ensure completion. This successful exit further emphasizes the rising significance of private credit and AIF-backed structured capital in shaping the future of India’s real estate landscape.
Nisus Finance Services has recorded its strongest half-yearly performance to date, with H1 FY26 results exceeding the full FY25 metrics, indicating a new scale of growth. The company generated Rs 74.89 crore in revenue from core operations during H1 FY26, already surpassing the full FY25 revenue of Rs 67.30 crore. Including consolidated revenues (with New Consolidated Construction Co. Ltd.), the company reported Rs 142.30 crore in the first half, marking a substantial year-on-year growth from Rs 34.36 crore in H1 FY25.
NiFCO utilizes local market insights and proprietary data to deliver superior solutions, reinforcing its position as a trusted partner in the financial sector. As of H1 FY26, the company is managing assets valued at Rs 1,906 crore.
