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Our Bureau

Mumbai, Aug. 24

Indiareit Fund, the real-estate fund promoted by Piramal Enterprises, has made its maiden investment in the Rs 400-crore residential complex to come up at Bandra Kurla Complex (BKC) in the Western suburbs of Mumbai. The project would involve developing 50 high-end duplex flats in a 1.75-acre complex.

The Sunteck Group would be the lead developer. Indiareit wants to leverage the property on the basis of location, well-developed infrastructure and commercial office spaces.

Mr Ramesh Jogani, Chief Executive Officer and Managing Director of Indiareit, told Business Line that the project awaits environmental clearance and in the coming three months work is likely to start. The land is already acquired at Rs 150 crore and another Rs 80 crore would be spent towards construction. The target customers for this property are executives and companies wanting to maintain guesthouses in BKC, he said.

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