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BlackSoil Realty Fund–I has invested Rs 35 crore in Sankrit Group’s upcoming project in the city. The fund has invested by subscribing to NCDs issued by the developer entity.
The Mumbai-based fund has made five other investments in the past in the geographies of Mumbai, Chennai, Bengaluru and Hyderabad. It is backed by the promoters of industry giants like the Allcargo Logistics and Navneet Education group.
The Category-II AIF has recently done its closing at Rs 60.2 crore, residual funds of which it plans to invest in the current year.
The funds have been invested in two projects of Sankrit Group, one being a joint venture with Shreeji Combine in the Bandra (West).
Virendra Gala, Partner, BlackSoil Realty Fund, said, “This being our first investment in Bandra has given us a diversified presence all over Mumbai. The projects are nearing completion; possession is expected in the next six months.”
Gala said that, “price range is going to be very competitive, considering the project offerings & micro-market. The location will attract great demand in the current bearish real-estate market.''
Kushal Shah, Director, Sankrit Group, said, “We believe that we will be able to address the right target market in Bandra looking for single flat per floor configuration in the right budget. Our value for money flats will surely make our buyers happy. We look forward to transacting with BlackSoil in the future.''
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