Kumar Builders, a leading real estate group in Pune, has received private equity investments worth Rs 239 crore for two of its projects. It has received an investment of Rs 139 crore from IL&FS and the Milestone Group for Kumar Cerebrum, a 10 lakh-square-foot IT park. IL&FS and the Milestone Group have invested in the second tower of Kumar Cerebrum.
Earlier, the developer received a private equity funding of Rs 100 crore from Gaurav Dalmia's Landmark Holdings for its 124 acre IT SEZ project in Hinjewadi. Landmark Holdings picked up 10% stake in the in the project for the investment.
The project coming up in Kalyani Nagar, a high-end locality in Pune, plans to build three huge towers with a total space of 10 lakh quare foot. Pune based Zavaray Poonawalla invested in Tower 1 and Kumar Builders is looking at PE investment for the third tower as well. The third tower is the largest of the three buildings and is currently under completion. The second tower has been leased out to Reliance Communications, Vodafone Cellular, Finserv and Redknee India Technologies," a press release said.
The SEZ/ township project in Hinjewadi is a Rs 1,500-crore project, expected to be launched in April 2009. The development is equally divided into an IT/ hardware SEZ and a residential complex. This will be launched in phases with Phase I, comprising IT buildings in the SEZ, coming up in 15 months from the launch.