Indiareit invests Rs. 200 cr in two domestic funds

Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, announced two investments totalling Rs. 200 crore across two domestic funds. 
An investment of Rs. 100 crore has been planned for a marquee project being developed by Omkar Realtors in Bhoiwada, Central Mumbai. The project is spread across a land area in excess of 17 acres, and has a potential free sale component of 25 lakh square feet, comprising six 40-60 storeyed residential buildings. The project was launched to pre-sales a few months ago on the back of close proximity to established business districts and strong connectivity with both existing and proposed infrastructure such as the Eastern Freeway and the Mono Rail. Currently, the construction for the same is in full swing.  The second transaction is a Rs. 100 crore investment with Pune-based Marvel Group, from Indiareit Domestic Scheme IV which has a total corpus of Rs. 900 crore. Marvel Group has already delivered 1.3 mn sq ft (16 projects) with another 15.3m sq ft (38 projects) under construction. Indiareit’s investment is tied to a basket of pre-identified city centric projects across Pune, Bengaluru and Mumbai that are in various stages of construction and delivery.