Assotech’s Haryana project funded by IIFL
New-Delhi- For a plotted development project in Faridabad, Haryana has been funded by India Infoline group’s PE arm known as IIFL Domestic Series 1. A whopping sum of about Rs. 75 Cr (approximately $13.9 mn) has been invested.
The project has been developed by Assotech Ltd. with developers constructing the basic infrastructure on these type of lands prior to the division of lands into smaller plots.
Further, the fund is expected to close the investment into two affordable housing projects in Bangalore. Last year, the fund had invested Rs. 115 crore in two residential properties Gurgaon and Mumbai. A total sum of Rs. 80 crore in Spire World project in Gurgaon and Rs. 35 crore in Chembur project by Ruparel Realty was invested. The projects are however in construction phase.
The IIFL Domestic Series 1 which was closed last year was a Rs. 700 crore fund followed by its maiden investment of Rs. 80 crore in a slum redevelopment project situated in central Mumbai.
To reach to the heights of the real estate development, Faridabad has been matching steps with Gurgaon and Noida-Greater Noida by hiking the property rates of about 20-25 percent in the past days.
A large number of both residential and commercial projects have been coming up by renowned developers like Ansals, DLF Omaxe, BPTP, SRS and Realtech in the area. Earlier this month, the HDFC Property Fund had decided to sell its stakes in three residential projects back to the developer.
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Image courtesy of dan at FreeDigitalPhotos.net
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