Ashiana Homes raises Rs 66 crore from Piramal Fund Management

NEW DELHI: Realty firm Ashiana Homes has raised Rs 66 crore from Piramal Fund Management to partly finance the acquisition of 10 acres of licensed land at Sohna in Gurgaon.

"We have bought 10 acres of land with development rights from local land aggregators for about Rs 100 crore. We will be developing a residential project on this land," Ashiana Homes Director Rohit Raj Modi told PTI.

The company raised Rs 66 crore from Indiareit Fund Scheme V, being managed by Piramal Fund Management, he added.

Ashiana Homes would develop 660 apartments under the project, which is expected to be launched in April-May. The company plans to sell flats in a price range of Rs 50-70 lakhs.

In 2013, realty firms, Ashiana Homes and Landcraft Projects, had raised Rs 180 crore from Indiareit and India Infoline to develop a luxury housing project at Gurgaon.

Piramal Group's Piramal Fund Management Pvt Ltd (formerly known as Indiareit) is into real estate funding.

Delhi-based Ashiana develops projects in the national capital region, Jaipur and Bhubaneshwar.

Commenting on the investment, Piramal Fund Management MD Khushru Jijina said: "Ashiana Homes has been focused on executing and delivering reliable and quality residential housing over the years.