Piramal Enterprises is a massive multinational business conglomerate that works in 3 continents of the world. The real estate private equity part of this firm, Indiareit Fund Advisors is planning to invest Rs 250 crore in India in the coming month.
One of the projects will be focused on slum development in Mumbai while other will be a residential project in Pune. A total of 100 crore is finalized by the firm for the redevelopment of slums where more than 70% of area has been cleared and new construction has already started.
For Mumbai, a fund of Rs 430 crore has been raised, that will be used in renovating slums, old buildings and housing complexes. The residential project in Pune is assumed to get Rs 140 crore.
Indiareit is aiming big in terms of investment in India. It also eye on two residential projects in Mumbai, an SEZ and a residential project in Pune and another residence in Coimbatore. All these projects would be worth Rs 440 crore. After the successful initiation of all these plans, another Rs 550 crore is awaiting to be invested in more such gigantic projects.
In all the plans, slum development was something that is really the need of hour and will help in building a better India.