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BlackSoil Realty Fund–I is investing Rs 25 crore in Ahuja Constructions’ mid-market focussed upcoming project, O2, at Sion (E). The fund will be invested through a special purpose vehicle.
BlackSoil Realty Fund–I is a SEBI registered Category-II AIF fund, which has recently done its closing at Rs139 crore, and plans to invest the residual amount within the next 12-18 months.
The fund is promoted by Shashi Kiran Shetty, Chairman and Managing Director of $932-mn Allcargo Logistics, Gnanesh Gala, Managing Director of $400-mn Navneet Education Ltd, and Mumbai-based realty expert Virendra Gala.
Project O2 has been launched as ‘The Lion Of Sion’ and is scheduled to be completed by 2019. The project consists of seven buildings spread over an area of 2.5 acres, which is currently pegged as one of the largest developments in the micro market.
Virendra Gala, Partner BlackSoil Realty Fund said: “This project is going to be a landmark in Sion (E), attracting a large number of middle-class and upper middle-class buyers. The location will attract great demand in the current bearish real-estate market”.
Gautam Ahuja, MD, Ahuja Constructions, “This project is one of the very few such projects in the area where you will find all of Mumbai within easy reach, at the same time, remaining close to nature.”
Ahuja Constructions have been in the business for over three decades and have developed 44 projects, spanning the belts of Worli to Borivali, Chembur to Mulund and Navi Mumbai.
The projects are being offered in various locations of Mumbai Metropolitan Region including Worli, Bandra, Oshiwara, Sion, Malad and Ambarnath, totalling up to approximately 7 million sqft. The portfolio of projects encompass greenfield, society redevelopment, joint venture, as well as SRA developments.
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