Piramal's real estate fund seeks extension of one more year from investors

Indiareit Fund Scheme V, a real estate fund of the Piramal Group, has sought extension of one more year from its investors to exit the rest of its portfolio. Citing bad market conditions in the real estate sector, the fund has said it is still stuck with six real estate investments across India and expects an early resolution of these projects. 

In a communiqué to its investors, the Piramal Fund Management said the fund was launched in 2013 with a primary tenure of six years, extendable by up to two additional one-year periods, by the trustee. The fund had made