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Piramal Fund Management said it is planning to enter the construction finance space and has approved nine construction finance proposals totalling Rs 1100 crore.
The initial transaction volume is spread across Mumbai, Delhi NCR, Bangalore, Pune and Chennai, with projects located in micro markets with robust demands.
The funds have been earmarked across a combination of late stage, mid-market residential developments in both city centric as well as suburban locations.
Khushru Jijina, Managing Director, Piramal Fund Management said in a statement, “With construction finance, we have consciously completed the last remaining element in our suite of product offerings. This makes sense for our platform as well as for our development partners as we are now able to further our engagement with them and fund the entire project life. We are looking at many more such investments where the developers are experienced, projects are profitable and de-risked, and our investment is ring fenced.”
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