Indiareit’s Retail Fund Garners Rs 400 cr

August 23, 2007	(1 votes, average: 3 out of 5)  Loading ...
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Indiareit, the real-estate fund promoted by Piramal Enterprises, announced to raise Rs 400 crore through its first retail focused fund – Indiareit Fund Scheme III. Rs 25 lakh was considered as the minimum investment limit.

Earlier, the fund had decided for Rs 350 crore as the targeted investment. However, it has now already raised Rs 400 crore. Indiareit is also considering about a greenshoe option for another Rs 300 crore and will close the deal by August-end.

The fund is holding high talks with some renowned corporate investors and is likely to close the fund with Rs 700 crore. Some known banks including ICICI, ABN AMRO, HDFC, and HSBC were playing the critical role in marketing the fund in the domestic market.

Domestic realty funds have come up with a new concept of a lower entry-level investment to grab the attention of more retail participation in their funds. A number of domestic real estate funds are stepping up their efforts to bring more retail in the picture.

As compared to the real estate in yesteryears, the sector enjoys greater transparency. With the Indian property market yielding high returns, the investors have begun to show large interest in property investments.

Retail investors are parking larger funds in a second home whereas real estate enthusiasts from high middle class are investing more in retail and commercial properties.

News Published Under:   Real Estate India |

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