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A SECOND REALTY SEGMENT Possibly Will COME INTO BEING BY THE PIRAMAL INDUSTRY WITH AN INCOME OF 500 CRORE

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The Piramal Industry which is into the business of service sector and real estate are aiming to start a second realty segment with a fund of 500 crores and hopes to increase its income by year end. The industry had previously launched in realty Fund of $450 million in 2006 and the existing one of Rs. 500 crores Fund. The group is intending to launch an indigenous realty fund and hopes to raise nearly 500 crores for it. The said fund would be used for setting of tourist spots near Mumbai and will not have housing projects adding that the main target the realty segment. Sources from www.propertykhazana.com states that Rs. 500 crores would be mobilized from the High Net worth Individuals (HNVIs) which is 90% the rest would be mobilized from other undertakings.
A source from www.propertykhazana.com also adds that they have demarcated some realty segments into which the money could be pooled and can anticipate a profit of 20% P.A on its investment. The fund though highly interested in investing on a realty segment situated at Mumbai has already invested Rs. 1500 crores in housing fragment of Bangalore, Chennai and Mumbai and Alibaug. For more and latest realty updates visit www.propertykhazana.com.
Source: NBTVLIVE

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