Milestone Capital to raise fund of Rs 1,000 crore
Milestone Capital Advisors will raise a fund of Rs 1,000 crore to invest in the real estate sector in tier-II and tier-III cities of Tamil Nadu.
By PTI |
CHENNAI: Milestone Capital Advisors will raise a fund of Rs 1,000 crore to invest in the real estate sector in tier-II and tier-III cities of Tamil Nadu.
The fund, to be raised under 'Milestone Domestic Scheme-III', would be utilised for land development, construction of energy efficient residential buildings and warehouses, Milestone Capital Advisors Managing Director Ved Prakash Arya told reporters here today.
"We have successfully raised two real estate funds to the tune of Rs 250 crore and Rs 1,000 crore, respectively. Of the 14 investments we made out of the first fund, nine are in Chennai," he said, adding that Chennai itself had a high demand of residential space to the tune of 15-20 million sqft over the next two to three years.
Arya said while 40 per cent of the Milestone Domestic Scheme-III would go for land development, 60 per cent would be used for building low cost apartments and ware housings.
The fund, to be raised under 'Milestone Domestic Scheme-III', would be utilised for land development, construction of energy efficient residential buildings and warehouses, Milestone Capital Advisors Managing Director Ved Prakash Arya told reporters here today.
"We have successfully raised two real estate funds to the tune of Rs 250 crore and Rs 1,000 crore, respectively. Of the 14 investments we made out of the first fund, nine are in Chennai," he said, adding that Chennai itself had a high demand of residential space to the tune of 15-20 million sqft over the next two to three years.
Arya said while 40 per cent of the Milestone Domestic Scheme-III would go for land development, 60 per cent would be used for building low cost apartments and ware housings.
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