Ajay Piramals realty fund to launch two funds

Ajay Piramal Group-promoted realty fund manager, the Indiareit Fund Advisors plans to launch two real estate funds in the next six months to take advantage of opportunities in Indian properties.

Indiareit, which raised the Mumbai Redevelopment Fund recently, plans to kickstart fund raising for a Rs 750-crore domestic real estate fund on “full steam” from next month.

Indiareit has done an initial closure of Rs 50 crore and plans to hit the market to raise the remaining amount for its fifth domestic fund, said Managing Partner Khushru Jijina.

The fund will invest in residential properties, among others. It's planning to raise a $350-million offshore fund in the second quarter of 2013, but has scaled down the targeted corpus from $500 million to $350 million, Jijina said in an interaction with Business Standard.