Piramal Fund invests in BKC Slum Redevelopment Project

Q: Do you know that Piramal Fund Management has invested R125 Cr in a slum redevelopment project, BKC One, carried out in Bandra-Kurla Complex by Kolkata-based Forum Group and Mumbai's Omkar Realtors and Developers Pvt. Ltd.

Samrat,

30th March 2015

Residential Project Review in Mumbai

bandra-kurla complex

slum redevelopment project

bkc slum redevelopment project

piramal fund management

forum group

omkar realtors and developers pvt. ltd.

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Replies (3)

Piramal Fund Management's main planning to raise a second store on the same lines anyway it would also get society redevelopments under its crease in the new support.

Dayananda, Mumbai

30th March 2015

Comment

Hi Rajesh and Aveek,
Are they raising fund to meet the project expenses and land acquisition costs?

Deepankar Godbole, Mumbai

30th March 2015

Comment

Hi Deepankar,
Yes, the funding will be used for meeting the project expenses and land acquisition costs for the project Serendipity Ph-1. This fund would also used for financing the next phase and for getting the development rights of adjoining slum.

Manilal Patel, Mumbai

30th March 2015

I also heard that the Omkar is responsible for land acquisition, rehabilitation and getting in requisite approvals. Is it true?

Deepankar Godbole, Mumbai

30th March 2015

Yes, Omkar is responsible for land acquisition, rehabilitation and getting in requisite approvals. The land previously housed over 250 slums. While Forum Group is handling the construction and marketing of the project,

Manilal Patel, Mumbai

30th March 2015

Yes, and the investment was focused through Mumbai Redevelopment Fund, in a parallel deal, it also purchased Rs 75 Cr worth of mass stock in the same project from its Apartment Fund. Both the funds have a corpus of Rs 500 Cr.

Aveek Paul,

30th March 2015

Comment

Last yesr in July Piramal had launched the Indiareit Apartment Fund to buy individual residential units in Tier-1 markets.

Currently Piramal Fund manages/advises funds over Rs 7550 Cr on the equity side which includes 5 domestic funds, 1 Offshore Fund, 4 third party mandates and has a loan debt book which is higher than R1900 Bn.

Rajesh, Delhi-NCR

30th March 2015