IndiaReit to invest Rs 63cr in Rs400cr realty projectBS Reporter / Mumbai August 25, 2006IndiaReit Fund, the Rs 250 crore real estate fund launched by Piramal Enterprises, will invest Rs 63 crore in Signature Island, the Rs 400 crore, high-end residential project proposed by Suntech group.The residential project at Bandra Kurla Complex (BKC), which is claimed to be the first of its kind in the country, is targeted at the high income customer group, Kamal Khetan, chairman of Suntech Group, said.This is the first investment for IndiaReit Fund in the Indian real estate market. Indiareit targets investing at enterprise levels of real estate development companies, Ramesh Jogani, CEO of IndiaReit, said.The residential property at BKC will be built on 1.75 acre with 50 flats of 5,000 sq ft each. The flats are expected to be priced in the range of Rs 10- 15 crore. The project will be designed by a leading architect in Mumbai and will take around 30 months for completion. The facilities at Signature Island will include seperate lift for each flat and a two-level car parking lot.Earlier this month, a European private equity major, 3i Group, had invested $40 million (about Rs 190 crore) in Indiareit's Mauritius-based $160 million offshore fund which would exclusively focus on FDI related projects in India. The investment marks 3i
