Indiareit Fund invests in luxury residential project in Mumbai
Indiareit Fund Advisors, a private equity real estate fund backed by Indian entrepreneur Ajay Piramal, has reportedly invested INR2 billion ($43.8 million) in a luxury residential project in Mumbai, which has been developed by Omkar Realtors and Developers.
The investment was made from the firm's INR9.3 billion Domestic Fund IV, formed in July 2010. Half of the vehicle's capital has already been invested, Ramesh Jogani, Indiareit's CEO and managing director, publicly said. He additionally noted that the demand by local developers to seek out capital is still very high, and Omkar itself has already launched four projects in Mubai in the last six months.
The residential project is located in Mumbai’s upmarket Worli district, and will be comprised of two 60-storey residential towers and an office building designed by London-based architecture firm Foster+Partners.
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