Vastushodh Projects, a Pune-based developer has raised close to Rs 20 crore from Mumbai-based Avenue Venture Real Estate Fund. The fund will increase its investment up to Rs 40 crore, said sources privy to the development.
The investment is a pure equity one. The fund has previously made six investments and this is its seventh investment though the first one in Pune region. To date the fund has deployed capital in Chennai-based Casa Grande as well as Bangalore-based Assetz Homes and Rohan Builder’s project.
To date the fund has deployed capital in Chennai-based Casa Grande, Bangalore-based Assetz Homes and Rohan Builder’s project.
The development is a 22-acre project called AnandGram and the money has gone into developing affordable housing project.
Its average investment size is close to Rs 40-55 crore per project and it is looking to mark one more investment before it exhausts its maiden fund. The fund may invest in a Chennai-based project or undertake a repeat investment with Vastushodh Projects.
(Edited by Joby Puthuparampil Johnson)