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Motilal Oswal Fund Invests In Eiffel's Karjat Project

01 September, 2011

Motilal Oswal’s realty fund has formed a joint venture with Pune-based real estate developer Eiffel Group for a 120 acre plotted development project at Karjat, near Mumbai. The investment will be done through Motilal Oswal Private Equity Advisors’ India Realty Excellence Fund.

The project will feature well-demarcated non-agricultural plots of 1,600 sq. ft. or more, with an option to construct cottages/bungalows depending on the customer’s requirements and specifications, a statement said.

“After the grand success of our bungalow plot colony Aditya Nissarg in Pune, we have extensive expansion plans to cater to the Mumbai market and look forward to using our real estate expertise to develop many such exclusive communities and ‘first home’ projects,” said Shirsh Mulekar, director of Eiffel.

The group, with projects in Delhi, Nagpur, Pune and Bangalore, is currently developing over 25 million sq. ft. area and it has planned another project spanning 119 million sq. ft.

“Our research on plotted development shows that there is an enormous appetite for plots situated within 90-100 km radius of metros like Mumbai – in terms of ownership use and investment perspective. Combining the synergies of the firms together, we will surely make this a landmark project in the area,” said Harvesp Mehta, director of India Realty Excellence Fund.

India Realty Excellence Fund is a Rs 165 crore fund and looks at deals ranging between Rs 25 crore and Rs 75 crore, primarily in residential projects. Last year, it paid Rs 50 crore to pick 49.9 per cent stake in Godrej Properties’ upcoming development in Bangalore.

Private equity investments in the real estate sector stood at $831 million across 22 transactions as per VCCedge, the financial research platform of VCCircle. And the Deal value during the 2010 calendar year stood at $1.35 billion across 43 transactions.

 


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Motilal Oswal Fund Invests In Eiffel's Karjat Project

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