IIFL private equity fund will invest in the Mumbai redevelopment project
The private equity fund of IIFL has planned to invest in a central Mumbai slum redevelopment project. The PE fund, IIFL Real Estate Fund has committed to invest Rs 80 crore in a housing society-cum-slum-redevelopment project in Mumbai’s Sion Koliwada area.
The redevelopment project will construct about 1.2 million sq ft sale able space.
The PE fund has already raised Rs 511 crore for the project and the firm also plans to raise an additional Rs 100 crore in the coming months. The group has planned to construct two 50-storey residential towers and 2, 3 and 4 bedroom apartments that would be sold at around Rs. 20,000-21,000 per sq. ft.
The project location is in an established residential area with not much quality supply, yet there is robust demand. The main objective of the project is to construct more available residential apartments in Mumbai real estate market.
The IIFL PE fund will continue to explore deals in major property markets in and outside Mumbai such as Bangalore, Pune and Chennai.
More related stories:
Slums will be re-constructed in Nonadanga
Source: Live Mint
Housing Society, IIFL, Mumbai slum redevelopment project, Private Equity, Private equity firms, Private Equity fund, Private equity investments, project in Mumbai, redevelopment project, Residential area, Sion Koliwada, Slum, slum redevelopment project
[...] Read the article: IIFL private equity fund will invest in the Mumbai redevelopment … [...]