Piramal Fund Management invests in Ahuja Constructions' Altus project
MUMBAI: Piramal Fund Management, the realty investment arm of Ajay Piramal-led Piramal Enterprises, has invested in Ahuja Constructions' premium residential project Altus in Mumbai's Worli locality to support the project's total construction cost of Rs 100 crore. The fund is investing in the project through a fixed-return debt instrument with periodic coupon payment. The project with a total built-up area of 2.34 lakh sq ft is estimated to generate revenue worth Rs 700 crore based on the current property rates in the vicinity. "We have always adopted a relationship-driven approach to our funding business and are pleased to be starting a relationship with the Ahuja Group. We look forward to scaling the relationship further given their portfolio of existing and future projects as well as demonstrated execution track record," said Khushru Jijina, managing director, Piramal Fund Management. Ahuja Constructions is expected to construct and market the project, while Piramal Fund Management is entering the project as a financial partner. "We are pleased to be associated with Piramal Fund Management and hope that this is one of the many fruitful transactions we will have in the future. We look forward to gaining from their experience and understanding of real estate as an active investor in the market. Altus is expected to click with target audience as it's a similar proposition as that of Ahuja Towers, but for a niche segment of 3 BHK," said Gautam Ahuja, managing director, Ahuja Constructions. The project with sea-view has total 60 apartments with configuration of 3 bedroom apartments on each floor...03-09-2016
