The private equity arm of Essel Finance has invested across two ongoing residential projects of Mumbai-based private developer Rashmi Group, a top company executive told VCCircle.
Abhinav Bhushan, CEO – private equity, Essel Finance, said, "We have invested in Signature project located at Mira Road and Pink City project located at Naigaon in North Mumbai. Both projects are nearing completion and have recorded considerable sales.”
This investment is in line with the strategy of the fund to focus on the mid and affordable residential segment.
“Investment in suburban and peripheral areas of Mumbai is making more sense due to high prices and lower sales velocity in Mumbai region,” Bhushan added.
The fund is chasing investments in the mid and affordable segment in Bangalore, Pune, Mumbai, Chennai and Delhi-NCR markets.
Earlier this year, Essel Finance had made two investments in Pune, one in Maple Group's affordable segment residential projects and another in Pinnacle Group's mid-segment project.
The developer Rashmi Group has delivered 14,000 apartments and currently has over 1.5 million sq ft under construction.
Property consultant JLL acted as the transaction adviser for this transaction.
Essel recently exited its Rs 60 crore investment in Gurgaon from Parsvnath Developers' residential project.