Thursday, June 14, 2007

Real estate fund Indiareit to invest in Hinjewadi - Pune

MUMBAI: Ajay Piramal-promoted real estate fund Indiareit on Wednesday said it has signed a JV with Pune-based developer Paranjape Schemes (Construction) to develop one of the largest integrated development projects at Hinjewadi in Pune.

Indiareit would invest Rs 250 crore to develop the project. Ramesh Jogani, CEO and managing director, Indiareit Fund, said, “Out of the total Rs 250 crore, part of the deployment will come from the Indiareit domestic fund and the rest from the Indiareit offshore fund. Private equity fund 3i is an investor in the offshore fund.”

The UK-based 3i had invested over $200 million in the offshore fund. Spread across 138 acres at Hinjewadi, the project envisages a development of IT/ITES special economic zone (SEZ), residential apartment and villas, a retail mall and a star hotel.

The project entails more than 9 million sq feet of development. Shashank Paranjape, managing director, Paranjape Schemes, said, the project would have a market value of more that Rs 3,200 crore.

No comments: