A limb of Piramal Enterprises – Indiareit is in close discussion with Panchsil from Pune to raise funds for their next residential project as per the sources available on www.propertykhazana.com. Ramesh T Jogani of Indiareit states that “the fund will be now collected with the domestic issue amounting nearly Rs 500 crore that was initiated on November with the ticket of Rs 50 lakhs will end by coming January”.
Nearly Rs 150 crore of the Rs 500 crore busket Indiareit will get in to the realty site by Panchshil with the help of Special purpose vehicle for both residential and commercial construction. However Pune based Panchshil has an early record of 9 million square feet construction for last 6 years and currently is engaged with 16 million square feet at different location of the country as added by Jogani at www.propertykhazana.com. He further states that the left over Rs 350 crore will be for 2 projects one costing with Rs 100 crore for housing in Bangalore and other in Mumbai with Rs 250 crore for the development of a slum.
Source of www.propertykhazana.com also reveals that the company is also holding discussion with Skyline construction put up at the Silicon Valley – Bangalore to extend the same slum development of Mumbai on to this city including its adjacent historical town Mysore. Earlier the same team was commited to put forward around Rs 250 crore to bring up few more projects in the banner of Skyline both at Mysore and Bangalore in the mid of 2007. For more and latest realty updates follow us at www.propertykhazana.com.
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