From Humble Beginnings to Leading Ahmedabad’s Pioneering Real Estate Fund
Gujarat is entering a visibility decade, a phase where growth is no longer speculative but supported by data, infrastructure, and institutional discipline. Ahmedabad, in particular, is shaping into one of India’s most stable and transparent real estate markets, powered by GIFT City’s rise, regulatory clarity, and sustained economic expansion. As India’s Alternative Investment Fund industry crosses 14.2 trillion rupees in commitments according to SEBI’s June 2025 report, investors are gravitating toward structured vehicles that prioritise safety, governance, and clarity. In this shifting landscape, the leadership of professionals who understand both the ground reality of development and the discipline of institutional capital becomes critical. One such leader is Piyush Kothari, Executive Director and CEO of Shivalik Fund.
A Journey Built on Humility, Reinvention, and Determination
Piyush’s path to fund leadership was neither linear nor privileged. Raised in a modest household and educated in a Hindi-medium school, Piyush entered a world where English proficiency often determined opportunity. Transitioning to English-medium education during his B.Com at HLIC was his first major test, and he found himself disadvantaged in an industry that equated fluency with potential. Early rejections from premier institutes were not a reflection of his capability but of communication barriers. Instead of yielding, he chose reinvention.
His turning point came at AICAR B-School, where he was determined not just to study but to transform. He immersed himself in 14 to 15 hours of daily learning, mastering financial concepts and communication with relentless persistence. Graduating as one of the top performers, he strengthened his foundation through a PGDBA in Finance and Insurance and later the Accelerated General Management Program at IIM Ahmedabad.
These experiences shaped his worldview. They instilled discipline, clarity, and a learner’s mindset, qualities that would define his impact in the real estate ecosystem.
From Ground Reality to Institutional Vision
Piyush entered real estate with a humble role: Executive Assistant to the Chairman at Silvex Realty. What could have remained an administrative function became his launchpad. He actively contributed to feasibility studies, capital structuring, financial modelling, and investor presentations. During these formative years, he participated in raising more than 500 crore rupees, gaining firsthand exposure to the complexities of development and the trust-driven nature of the industry.
His career expanded across Tata Housing, Amplus Capital, and Colliers International, giving him national exposure across Ahmedabad, Mumbai, Pune, Chennai, Delhi-NCR, and Bengaluru. He worked on private equity transactions, large-scale developments, and pan-India portfolios. This combination of developer-side experience and investor-side strategy would become the signature strength behind his later leadership at Shivalik Fund.
The Market That Transformed Itself
Over the last decade, Indian real estate has become a different category altogether. Regulations such as RERA, GST, and industry-wide valuation norms have systematically formalised a previously opaque sector. With SEBI’s dematerialisation mandate having come into effect on July 1, 2025, AIF units are now fully digitised, traceable, and safeguarded through independent custodians, marking a significant step forward in transparency and investor protection.
These changes altered the very texture of trust. What was once verbal assurance is now supported by regulatory compliance, audited reporting, and legally bound timelines. Investors today expect structure, visibility, and discipline, not just potential upside. This environment set the stage for real estate-focused AIFs to become an integral part of modern wealth management.
Why Investors Are Turning to AIFs
Across more than twenty investor awareness events conducted by Shivalik Fund in the past year, one theme consistently emerged: investors want real estate exposure without operational or execution risk. They prefer the safety of a regulated structure where deployment is diversified, governance is enforced, and decision-making follows institutional discipline rather than instinct.
Ahmedabad’s market, once driven by emotion and legacy-based investing, is now shaped by infrastructure-led growth and predictable micro-markets. For NRIs especially, the city has become a strategic investment choice supported by data, transparency, and strong developer credibility.
The Last 18 Months: Building Systems, Not Just Raising Capital
Shivalik Fund’s journey over the past year and a half has been a masterclass in disciplined execution. Before deploying a single rupee, the team focused on establishing processes that could endure cycles and compete with national benchmarks. This included extensive due diligence, careful evaluation of micro-markets, and educating developers about the expectations and responsibilities that come with institutional capital.
Developers often only see land price and potential, but AIFs look deeper: risk-reward ratios, approval timelines, feasibility, and long-term sustainability. Category II AIFs are uniquely positioned to participate at the land stage, a moment where disciplined capital can significantly improve the trajectory of a project. This distinction was a point of education not only for investors but for developers as well.
Through continuous events, transparent investor conversations, and meticulous selection of opportunities, Shivalik Fund demonstrated that raising capital is only one part of the story; deploying it responsibly is the real differentiator.
A Philosophy Rooted in Discipline
At its core, Shivalik Fund reflects Piyush’s philosophy that capital safety is not the opposite of growth but its essential foundation. The fund blends Shivalik Group’s execution strength with institutional-grade governance, measured deployment, and consistent communication. With 75 crore rupees raised in its first close and more than 50% of it already deployed, the fund has established itself as a trusted platform for investors who seek clarity and accountability.
For many investors who meet the team, Shivalik Fund feels less like a financial product and more like a long-term partnership driven by shared responsibility.
The Future of Ahmedabad: A Decade Defined by Visibility
Ahmedabad is poised for a transformation built on infrastructure, connectivity, and expanding commercial districts. Key corridors such as Motera–Sabarmati, SG Highway, and Ognaj are emerging as new economic centres. Riverfront expansion, Grade-A commercial supply, and GIFT City’s continuous acceleration further strengthen the city’s long-term viability.
What makes the next decade different is not just growth but visibility. Investors can now read the market with greater confidence, supported by clear indicators rather than assumptions.
The Commonwealth Games Effect: A Catalyst for Urban and Institutional Growth
Ahmedabad’s selection as host for the 2030 Commonwealth Games adds a new layer of momentum. Global events of this scale often accelerate infrastructure timelines, increase city-wide connectivity, deepen tourism flows, and attract both domestic and international capital. The Games will reshape mobility, hospitality demand, commercial clusters, and the city’s global perception.
For investors, this presents an opportunity to participate in a cycle where visibility aligns with conviction, and where structured investing becomes the most dependable route to benefit from growth without absorbing unnecessary risk.
A New Real Estate Logic for a New Era
Two decades of experience have crystallised an insight that guides both Piyush and the philosophy of Shivalik Fund: real estate rewards discipline more than speed. Clarity compounds over time. Transparency safeguards capital. Structure builds wealth.
As Ahmedabad enters a new investment era, AIFs offer investors a regulated, diversified, and professionally managed way to participate in growth with confidence.
The Road Ahead
Ahmedabad spent the last twenty years building credibility; the next twenty will be about institutionalising its investment culture. Leaders like Piyush Kothari are shaping the frameworks that will guide thousands of investors in participating responsibly and strategically in this growth story.
The real question for investors is no longer whether real estate is growing. The real question is how to participate in this growth with clarity, confidence, and discipline. AIFs, backed by experience and transparent governance, are emerging as that answer.
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