Indiareit Fund Advisors is initiating the establishment of its second real estate fund, targeting a substantial corpus of five hundred crore rupees, with hopes of securing funding from investors by the conclusion of this year.
Previously, the group launched the Indiareit Fund in 2006, which amassed an impressive $450 million in capital. The proposed new fund, positioned at Rs 500 crore, extends beyond the existing fund's capital. The Piramal Group maintains a diversified presence across multiple sectors, including healthcare, diagnostics, glass manufacturing, and real estate.
Ramesh Jogani, the managing director and CEO of Indiareit Fund Advisors, remarked, “The Piramal Group is setting up a new domestic real estate fund and we are in the process of raising an overall corpus of around Rs 500 crore for it. This fund will invest in projects in Mumbai, New Delhi and Alibaug, a tourist town near Mumbai, and will be restricted to the residential segment. The new fund, apart from having a real estate focus, may also invest jointly with the existing fund.”