Mumbai: J P Morgan Property Fund, which has mobilised over $300 million (Rs1,228 crore) to focus on Indian real estate, is going to set up a residential project in Chennai, at an estimated cost of Rs400 crore.
Chennai-based realty developer Arihant Foundations and Housing will develop the residential property, which will be spread over 45 acres of land, in joint venture (JV) with J P Morgan. The company’s Board of Directors authorised its entry on 9 May into the JV.
The JV would have 50:50 equity participation from both the partners, Arihant Foundations informed the BSE. The India property fund targets key economic centres in the country including Mumbai, Bangalore, Chennai, Kolkata, Hyderabad and New Delhi among others, to develop projects along with local partners.
Last year, J P Morgan Asset Management had announced the mobilisation of around $360 million from institutional and high net worth investors (HNIs) from the US, Asia, Europe and the Middle East to invest in the booming Indian real estate space.