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Bharat Real Estate Capital Trust (IN/AIF2/25-26/1922) is a SEBI-registered Category II Alternative Investment Fund registered October 13, 2025, with Sammaan Asset Management Ltd ('SAM') serving as both Investment Manager and Sponsor. SAM (formerly Indiabulls Investment Management Ltd) is the real estate asset management arm of the Sammaan Group — the conglomerate led by Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited, BSE/NSE listed, formerly one of India's largest HFCs). SAM has a sharp focus on tactical and opportunistic investments in high-quality real estate assets across India's Tier 1 cities, spanning structured credit for residential real estate, equity investments in commercial office assets, and construction finance. It is among the few Indian AMCs to have demonstrated success across the full real estate private equity investment lifecycle. SAM manages the Indiabulls AIF (Cat II, SEBI Reg IN/AIF2/14-15/0133) in addition to Bharat Real Estate Capital Trust. The fund is headquartered at 19th Floor, Tower 1, One International Center, Senapati Bapat Marg, Prabhadevi West, Mumbai – 400013.
Sammaan Asset Management's real estate investment philosophy is built on disciplined underwriting combined with active portfolio management to deliver risk-adjusted returns across the real estate capital stack. SAM employs a tactical and opportunistic approach — identifying and investing in good-quality assets across Tier 1 cities at the right point in the real estate cycle. The firm has experience across eight Indian cities and the full investment lifecycle from deal origination, structuring, and monitoring through to successful exit. Investment strategies include structured credit (senior/mezzanine debt) for residential real estate, and equity investments in office assets, targeting both capital appreciation and current income.
Ambar Maheshwari
CEO, Sammaan Asset Management Ltd
Ambar Maheshwari is CEO of Sammaan Asset Management Ltd and oversees the firm's real estate asset management business. A Chartered Accountant with over 20 years of experience in India and Australia, he brings substantial deal-making and structuring expertise in the real estate sector. Prior to joining Indiabulls AMC, he was Managing Director at JLL India, where he ran five business lines including Corporate Finance, Education, Healthcare and Social Housing, Special Development Initiatives, and Infrastructure. He previously led the Investment Advisory business for India at DTZ (now Cushman & Wakefield) and has also worked at IL&FS (where he set up the Fee Based Investment Banking business), Ambit Corporate Finance, and KPMG.
Amit Jain
VP – Investments & Fund Management, Sammaan Asset Management Ltd
Amit Jain is a Chartered Accountant and MRICS-designated real estate investment professional with 18 years of experience in debt and private equity fund investment, asset management, and divestment across residential and commercial real estate. He has worked with ICICI Bank, Reliance Capital, Aditya Birla Finance, and IIFL Asset Management. He has managed AUM of approximately INR 6,000 crore and has broad stakeholder engagement experience across banking, NBFC, HFC, and AIF platforms.
Aditya Karwa
Fund Management Team, Bharat Real Estate Capital Trust
Aditya Karwa is a member of the fund management team for Bharat Real Estate Capital Trust, as listed on the fund's dedicated page on sammaanamc.com.
Uday Diwale
Head – Compliance & SEBI Contact Person
Uday Diwale has over 25 years of professional experience in capital markets across compliance, operations, and information technology. He began his career at SEBI, participating in market manipulation investigations and stock exchange/broker inspections. He subsequently held roles at Indiabulls Securities Limited (audit and regulatory compliance) and worked with global investment banks including Credit Suisse, UBS, Wachovia Securities, and Wells Fargo through Perot Systems and Cognizant Technology Solutions.
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Kaushik Mukherjee
Legal Head, Sammaan Asset Management Ltd
Kaushik Mukherjee has been practising law since 2003, with extensive experience in IPOs, follow-on public offerings, and private placements of equity and debt securities across Indian and international exchanges. He has advised on Mergers & Acquisitions including listed-company takeovers and private equity transactions. He previously worked at Shardul Amarchand Mangaldas & Co, J. Sagar Associates, AZB & Partners, and White & Case (London).
Dinabandhu Patra
Head – Technical Services, Sammaan Asset Management Ltd
Dinabandhu Patra is an architect with over 25 years of experience delivering large-scale building projects. He founded Across & Beyond, a firm partnering with real estate developers and private equity funds on large construction projects. He previously led the Design & Planning function at Indiabulls Real Estate. He holds undergraduate studies in Architecture from OUAT, Bhubaneswar and a graduate degree in Urban Design from the University of Texas at Austin.