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The Piramal-Group sponsored real estate fund Indiareit Fund Advisors has picked up a 75 per cent stake in a special purpose vehicle formed by the Hyderabad-based Amsri Group to develop a mixed-use realty project at Bachpally, an area close to the airport, reports PTI (Via Mint). Indiareit, in which UK's 3i has a stake, will put in over Rs 70 crore in the project to be built on 9.5 acres. An 80 per cent of the built-up area will be used for residential purposes, while the rest will cater to commercial purposes, according to an Indiareit executive. The total built-up area of the project would be around 1.5 million square feet.
The fund plans to stay invested in the project for three to four years and hopes to get a return of Rs 150 crore. The project will be funded from both the domestic and international funds of Indiareit. Meanwhile, the company is also in the process of raising a $750-million offshore fund in January next year.