Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.
Realtor Puravankara launches Rs.750-Cr fund to invest in affordable housing projects
Purva Asset Management Pvt Ltd, a subsidiary of real estate firm Puravankara Ltd, has launched an INR 750 crore alternative investment fund (AIF), to invest in affordable housing projects as well as plotted developments. The Category II AIF Purva Real Estate Fund, will be managed by Purva Asset Management, and the first fund scheme is called ‘Purva Residential Excellence Fund-1'. It plans to raise INR 500 crore for the fund along with a INR 250 crore greenshoe option, mainly from domestic investors including family offices and ultra-high networth individuals. The first fund will invest 6-8 mid-sized projects for affordable housing with a four-year development timeline, and plotted projects of up to 1.1-1.5 million sq ft in Bengaluru, Pune, Chennai, Hyderabad and Mumbai Metropolitan Region.
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Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.