The investment is towards a prime city centric land parcel situated close to Surdhara Circle in Thaltej, Ahmedabad.
In an expansion of the investment remit from select Tier I cities of Mumbai, Pune, Bangalore, NCR & Chennai, Piramal Fund Management (“PFM”) has invested Rs 225cr with a subsidiary of Ganesh Housing Corporation Limited (GHCL), a listed (BSE & NSE) and Tier I developer who is also a large land owner in Ahmedabad.
The investment is towards a prime city centric land parcel situated close to Surdhara Circle in Thaltej, Ahmedabad. The project, extending over 10 acres and 1.8m sq ft of saleable area, is envisaged to be developed as a mixed use scheme with a combination of residential apartments coupled with both commercial as well as a high street retail component. The deal has been structured as a fixed return investment with appropriate security and control mechanisms in place.
PFM is capable of catering to the entire capital stack – right from early stage equity to late stage debt and construction finance and is therefore able to act as a perpetual provider of capital for the real estate development life cycle. In addition to a sizeable portfolio extending across the Tier 1 cities, PFM has been analyzing Tier II cities on a selective basis and intends to scale up its exposure to these locations gradually.
Khushru Jijina, MD, Piramal Fund Management, said, “We are pleased to be entering Ahmedabad with a sizeable transaction and are even more pleased to have found the right partner in Ganesh Housing – a developer of long standing repute and expertise in the local market. Our decision to expand our target geographies was based on a great deal of research in potential target locations and we found Ahmedabad to be a viable destination for investment and look forward to expanding our presence over time.”
Shekhar Patel, MD, Ganesh Housing said, “We are pleased to be partnering with Piramal Fund Management who has demonstrated a depth of understanding of real estate that we found to be unique.”