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Pragnya invests $10m in India, Sri Lanka property projects

  • Andrew Woodman
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Indian real estate private equity firm Pragnya Advisors has invested $5 million in a residential project in Bangalore and another $5 million in an office space development in Colombo, Sri Lanka.

According to Live Mint, the Bangalore investment represents Pragnya's second commitment to a project by Habitat Ventures, a development company set up in 2004. Pragnya previously put $5 million into a Habitat project in Bangalore's Whitefield area. This latest investment may rise to $7 million if additional land is acquired by Habitat.

The Colombo office development investment is an unusual move for Pragnya, which has two real estate-focused funds and primarily invests in residential projects.

"We look at opportunities in Sri Lanka but we are careful about investing because land values are colossally high," said Subba Rao Dukkipati, managing partner with Pragnya, adding that his firm was attracted to lease rental-generating office properties in the country because supply is so limited.

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