Piramal Fund Management Pvt. Ltd has invested Rs.425 crore in a central Mumbai project constructed by Lodha Developers Pvt. Ltd through the structured debt route.
This is the first time Lodha, the country’s largest developer in terms of sales, has raised money from Piramal Fund Management, one of the largest real estate investors in the country. The investment is towards the construction of premium residences in a project called Lodha Azzuro with more than 500,000 square feet of saleable area. The project, 40% of which is already sold, is under construction. Lodha Azzuro is a recently launched project in Mumbai’s Parel area, where the residential units are priced at aboutRs.25,000 per sq. ft. “This is our first structured deal with the realty developer. We look forward to deepening our ties as we evaluate their portfolio of projects,” said Khushru Jijina, managing director, Piramal Fund Management.