Eredene to invest Rs 131 cr in realty firm

Eredene Capital, a real estate company listed on the Alternative Investment Market (AIM), will invest Rs 131 crore in a special purpose vehicle (SPV) Matheran Realty (MRPL), which is developing low-cost houses in Karjat - 100 km from Mumbai.

According to a release issued by MRPL today, the company is planning to develop an integrated township of four million sq ft, which will have houses ranging from 300 sq ft to 500 sq ft priced at Rs 999 per sq ft. It is planning to launch the project with 10,000 houses by May.

The project has been named Tanaji Malusure Nagar, and MRPL has awarded a contract to build two lakh houses to SCS India. 

T S Hariharan, president, Matheran Realty, said: "There is a pressing need and a huge market for value housing for low income groups. We have recognised this pressing need, and look forward to provide sustainable and quality homes for all."

Eredene had raised $100 million from the AIM to invest in the Indian realty sector, and is planning to invest in development projects in Indian cities.