The real estate private equity arm of Piramal Enterprises Indiareit Fund Advisors is close to investing about 250 crore in two projects in the next one month. Khushru Jijina, Managing Partner, Indiareit told a leading business newspaper that in the next one month, the firm will be executing at least two investment deals worth nearly 250 crore.
One of them will be a slum project in the island city of Mumbai, while the other is a residential project in Pune, he added. The Ajay Piramal group entity, which is currently raising a dedicated fund for investing in Mumbai's redevelopment projects, has identified the first slum project in the city.
The fund will be investing 100 crore in this project where 70 per cent of the slum has been cleared and construction has already commenced, said Jijina. The fund has so far raised 430 crore for the Mumbai redevelopment fund that will invest in redevelopment of slums, old housing complexes and buildings in Mumbai.
Indiareit will also invest 140 crore in a residential project in Pune through a structured finance transaction.