Piramal Invests Rs. 125 Crore in Bandra for Slum Redevelopment
In Mumbai’s Bandra Kurla Complex, Piramal Fund Management Pvt. Ltd, from its redevelopment fund, has invested whopping Rs. 125 Crores in a slum redevelopment plan. Individually, Piramal Group also owned inventory worth Rs. 75 Crore by making a bulk purchase in a project and spent the amount from its Apartment Fund. Both funds cost Rs. 500 Crore in each. The BKC One is a joint venture between Omkar Realtors & Developers Pvt. Ltd, Mumbai and Forum Group Kolkata. Piramal Group has invested capital for land acquisition and project expenses for Serendipity, the first phase and for acquiring development rights. On the other side, Forum will develop the project and become in-charge of marketing and sales. Omkar Realtors will look after the rehabilitation and slum clearance side.
Piramal Fund Management has completely deployed Mumbai Redevelopment Fund worth Rs. 500 Crore with this transaction. They raised the fund in the mid of October 2013 and they had invested their money in redevelopment projects of slums. Piramal has completed 4 transactions and three of these are from Omkar Realtors. Piramal has successfully done several deals earlier, either as joint development partner or independent partner. According to Khushru Jijina, MD of Piramal Fund Management, they have seen an upsurge of demand to look for redevelopment projects in Mumbai.
Slum redevelopment is considered to be very important in a land-starved city and more new developers will arrive in.
Over the next few months, Piramal is all set to launch next series “Mumbai Redevelopment Fund II”. They will invest further Rs. 500 Crores in both society redevelopment and slum redevelopment projects. Piramal has successfully raised Apartment Fund of Rs. 500 crores in 2014 to own apartments from developers at huge discounts. They first invested in Alta Monte from Omkar in Mumbai. Before the official launch of their project in Bandra, they have bought the inventory of Rs. 75 Crores and sold a part of that with word of mouth. The apartments are available at Rs. 7 to Rs. 8 crores each and construction is going on. In the first phase, around 25% of first phase is sold.
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