Pi­ra­mal raises Rs 100crore for res­i­den­tial realty fund

Accommodation Times - - Real Estate Investments -

Ajay Pi­ra­mal-led Pi­ra­mal Fund Man­age­ment said it has raised Rs 100 crore in a fund, which will be fo­cus­ing on res­i­den­tial real es­tate in­vest­ments. The com­mit­ments for the 'In­di­areit Apart­ment Fund', which will in­vest in res­i­den­tial units in tier-I cities, were raised in 10 days and the com­pany is tar­get­ing to raise a to­tal of Rs 350crore for the fund, it said in a state­ment.

The fund will pur­chase apart­ments in bulk from the de­vel­op­ers at a dis­count and the av­er­age in­vest­ment ten­ure will be 2- 3 years, it said. The fund is tar­geted at in­di­vid­u­als look­ing at real es­tate as an as­set class for in­vest­ment, it said, adding, the fund will un­der­write units only which refers to the phys­i­cal square feet, rather than the fi­nan­cial par­tic­i­pa­tion done usu­ally. Ba­sics of such in­vest­ments like de­fined use of funds, ap­pro­pri­ate se­cu­rity and mon­i­tor­ing as well as en­sur­ing de­vel­oper align­ment and project com­ple­tion will be ad­hered to, it said. The com­pany claimed this is a win-win for all, as it en­sures ad­vance con­struc­tion and de­liv­ery of ini­tial sales, while the in­vestor will get value deals and the se­cu­rity of dili­gence. The fund has al­ready com­mit­ted Rs 50crore to­wards an in­vest­ment in Mumbai, the state­ment added.

Pi­ra­mal Fund Man­age­ment is into a di­verse set of ac­tiv­i­ties on the realty fi­nance side, in­clud­ing struc­tured eq­uity, se­nior debt and con­struc­tion fi­nance.

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