Milestone Managing Director Ved Prakash Arya said today that the fund, which would be raised under "Milestone Domestic Scheme-III", would be utilised for land development, construction of energy efficient residential buildings and warehouses.
"We have successfully raised two real estate funds to the tune of Rs 250 crore and Rs 1000 crore respectively. Of the 14 investments we have made out of the first fund, nine are in Chennai," he said adding that Chennai itself had a high demand of residential space to the tune of 15-20 million sqft over the next two to three years.
Arya said while 40 per cent of the third fund would go for land development, 60 per cent would be used for building low cost apartments and ware housings.
