Indiareit Fund Advisors invests Rs 150 crore in Omkar Realtors

MUMBAI: Ajay Piramal Group’s property fund manager Indiareit Fund Advisors is investing Rs 150 crore in Omkar Realtors & Developers’ residential project in Powai suburb of Mumbai, said three persons familiar with the development.

The developer and the fund have already signed the term sheets for the equity component of the project that is estimated to have saleable area of around 2.5 million sq ft.

The first phase of the slum rehabilitation project involves 2,400 slums spread over 15 acres. "All major approvals for the project have been secured and apart from the equity funding, the developer is looking to raise debt to part finance the development later," said one of the persons.

Omkar Realtors is looking to launch the project in the next six months and configurations are expected to be of one and two bedroom apartments, the person added.

This is Indiareit Fund Advisors’ third investment in Omkar Realtors & Developers’ projects. In 2011, the fund had invested.

'200 crore through a structured deal in the developers’ luxury residential project Omkar 1973, spread over 4.5 acres at Worli in Mumbai. Last year, it had also invested .

'100 crore in the developer’s 17-acre joint development project with L&T Realty at Bhoiwada in central Mumbai.

Indiareit Fund Advisors is investing in the project through its Mumbai Redevelopment Fund that focuses on investments in slum redevelopment and housing society projects in Mumbai. The fund had raised .

'500 crore last year from domestic market targeting returns in excess of 30% from such redevelopment projects.

The first phase of the slum rehabil itation project in volves 2,400 slums spread over 15 acres. "All major approvals for the project have been secured and apart from the equity funding, the devel oper is looking to raise debt to part fi raise debt to part finance the development later," said one of the persons.
Omkar Realtors is looking to launch the project in the next six months and configurations are expected to be of one and two bedroom apartments, the person added.

This is Indiareit Fund Advisors' third investment in Omkar Realtors & Developers' projects. In 2011, the fund had invested RS 200 crore through a structured deal in the developers' luxury residential project Omkar 1973, spread over 4.5 acres at Worli in Mumbai. Last Rs 100 crore year, it had also invested in the developer's 17-acre joint development project with L&T Realty at Bhoiwada in central Mumbai.
Indiareit Fund Advisors is investing in the project through its Mumbai Redevelopment Fund that focuses on investments in slum redevelopment and housing society projects in Mumbai. The fund had raised Rs 500 crore last year from domestic market targeting returns in excess of 30% from such redevelopment projects.