Mumbai: Real estate private equity fund Indiareit on 13 June announced an investment of Rs250 crore into the $1 billion integrated realty project in Pune to be developed by Paranjape Schemes Ltd.
The 138-acre project will be located at Hinjewadi and entail development of IT/ITeS SEZ, residential apartments and villas, a retail mall and a star hotel, Indiareit CEO Ramesh Jogani told reporters here.
“The project will prove to be a benchmark for large sized projects. There is also a clear shift from standalone buildings to integrated project in the market,” he said.
Indiareit has a domestic real estate fund of $100 million and they are advisors to an offshore realty fund of $300 million.
Leading global private equity investors 3i Investments is a cornerstone investor in the offshore fund, Jogani said.
Part of the Rs250 crore will be deployed from the Indiareit domestic fund and the rest from the Indiareit Offshore Fund. The special purpose vehicle for the project will be known as Flagship Infrastructure Pvt Ltd.
“We have received the land clearance from the State government and also the initial approval from the Centre. We hope to start the project in the next two months,” Paranjpe Schemes Ltd managing director Shashank Paranjpe said.
He said that the project should have a market value of Rs3,200 crore and will generate employment for 30,000 knowledge workers.
Chinese architect ECADI has been commissioned to design the project, which is estimated to be complete in six years.