Indiareit, Skyline join hands in Rs700 cr initiative

Indiareit, Skyline join hands in Rs700 cr initiative
PTI
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First Published: Thu, Aug 09 2007. 12 38 AM IST
Updated: Thu, Aug 09 2007. 12 38 AM IST
Bangalore: Real estate venture capital fund, Indiareit Fund Advisors Pvt. Ltd, has announced a tie-up with Skyline Constructions & Holding Pvt. Ltd for a Rs700 crore residential projects initiative. Indiareit and Skyline, a real estate developer, would jointly develop 17 residential projects—16 here and one in Mysore, it was announced at a press conference.
To be spread over 3.5 million sq. ft, and consisting of more than 2,300 residential units, these projects would be located in Whitefield, Kanakapura Road, Bannerghatta and Old Madras Road, officials said. The estimated combined market value for these projects would be more than Rs700 crore, officials said.
Besides, Indiareit—which manages a corpus of more than $300 million (Rs1,218 crore)—would be supporting Skyline in some of its new projects in Bangalore, Mangalore, Chennai and Kochi, chief executive officer and managing director of Indiareit, Ramesh Jogani, said. “We will be aiming at enhancing our investment with Skyline Constructions to more than Rs225 crore to support its future endeavours,” Jogani said.
Skyline managing director, Avinash Prabhu expressed hope that Indiareit would not only act as financial partners but would bring “immense value and expertise” on board.
Skyline expects to take its presence to more than 25 million sq. ft of developed area, including 5 million sq. ft of commercial spaces as well as development of integrated townships here and in other cities, he said.
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First Published: Thu, Aug 09 2007. 12 38 AM IST