Private equity player BlackSoil has invested Rs 25 crore in Ahuja Constructions' residential project O2 at Sion in the megapolis.
"BlackSoil Realty Fund-I has made its fourth investment in Ahuja Constructions' mid-market focussed, upcoming project O2 at Sion. The fund will be investing Rs 25 crore through a special purpose vehicle," the company said in a statement.
O2 consists of seven buildings spread over an area of 2.5 acres, which is currently pegged as one of the largest developments in the micro market. The project is named O2 and has been launched as 'The Lion Of Sion' and is scheduled to be completed by 2019.
BlackSoil Realty Fund-I has recently done its closing at Rs 139 crore and plans to invest the residual amount within the next 12-18 months.
"This project is going to be a landmark in Sion (E), attracting a large number of middle-class and upper-middle class buyers. The price range is going to be very competitive, considering the project offerings and amenities. The location will attract great demand in the current bearish real-estate market," BlackSoil Realty Fund Partner Virendra Gala said.
The fund is promoted by Shashi Kiran Shetty, CMD of USD 932 million Allcargo Logistics, Gnanesh Gala, MD of USD 400 million Navneet Education, and Mumbai based realty expert, Virendra Gala.
Ahuja Constructions till date has developed 44 projects in Worli, Bandra, Oshiwara, Sion, Malad and Ambarnath, totalling up to around seven million sq ft.
"We also feel pleased, to be associated with the BlackSoil Fund and hope that this is one of the many fruitful transactions we will have in future," Ahuja Constructions MD Gautam Ahuja said.
