Piramal Fund Management, the realty investment arm of Ajay Piramal-led Piramal Enterprises, has invested in Ahuja Constructions’ premium residential project Altus in Mumbai’s Worli locality to support the project’s total construction cost of Rs 100 crore. The fund is investing in the project through a fixed-return debt instrument with periodic coupon payment.
The project with a total built-up area of 2.34 lakh sq ft is estimated to generate revenue worth Rs 700 crore based on the current property rates in the vicinity. “We have always adopted a relationship-driven approach to our funding business and are pleased to be starting a relationship with the Ahuja Group. We look forward to scaling the relationship further given their portfolio of existing and future projects as well as demonstrated execution track record,” said Khushru Jijina, managing director, Piramal Fund Management. Ahuja Constructions is expected to construct and market the project, while Piramal Fund Management is entering the project as a financial partner.