Piramal raises residential realty fund

Piramal Fund Management has raised a realty fund of Rs 100 crore to focus on residential real estate investments. The fund, raised in 10 days, will focus on residential units of Tier-I cities. The fund will purchase apartments in bulk from the developers at a discount and the average investment tenure will be two-three years. The fund is targeted at individuals who are keen to invest in real estate and will underwrite only those units which refer to the physical square feet, rather than the financial participation carried out usually. Contact: Piramal Fund Management. Tel: 022-6151 3456. Website: www.piramal.com