Indiareit invests Rs 200 cr in realty projects of 3 cities

Real estate equity arm of Piramal Enterprises, Indiareit Fund Advisors has made two investments totaling Rs 200 crore in realty projects in Mumbai, Pune and Bangalore, the company has said. Of the two investments, the first, worth Rs 100 crore, is in a residential project developed by Omkar Realtors & Developers at Bhoiwada in central Mumbai.

The under-construction project is spread over 17 acres and has a potential free-sale component of 2.5 million sq ft. This transaction also marks the maiden deal for Indiareit's recently concluded Rs 400-crore Mumbai Redevelopment Fund. Indiareit's second transaction is for investment of Rs100 crore in Pune-based Marvel Group's projects in Pune, Bangalore and Mumbai.

Marvel Group has total 15.3 million sq ft space under construction spread over 38 projects. Indiareit has made this investment from Indiareit Domestic Scheme IV that has a total corpus of Rs 900 crore.