Pune: The Aditya Birla Real Estate Fund is close to concluding a major real estate deal with Mumbai based real estate developer Peninsula Land. The deal is to buy 50% stakes of this Ashok Piramal led realty developer’s 30 acre township for a price of Rs 115 crore.Originally, Peninsula Land had acquired 33 acres of land in Pune which was worth Rs 150 crore in December 2011. This was a joint venture along with Mumbai based realty developer Ekta Group and Pune’s renowned developer Oxford Group. Of the entire land, 30 acres were contiguous land whereas the rest 3 acres were at a distance of around 400 meters from this contiguous piece of land. Peninsula Land tried to acquire the intervening 400 meters of land to make the entire plot a contiguous one. But after trying for a year and failing to acquire the land Peninsula Land has now decided to bring up a township on the 30 acres of land while selling the other 3 acres separately. The total development potential of the 2 million sq. ft. project has been estimated to be around Rs 230 crore which will ensure a return of around 25% to the Aditya Birla Real Estate Fund.Aditya Birla Real Estate Fund has offered to share any additional return above 25% with Peninsula Land. Peninsula Land will thus make profit from the share it receives from Aditya Birla Real Estate Fund in addition to the return it makes from its own 50% stakes. According to market analysts this tactic adopted by the Aditya Birla Real Estate Fund is being used by various realty funds to incentivize developers into the pushing revenue and trying to make maximum profit from projects.Preliminary talks between Aditya Birla Real Estate Fund and Peninsula Land are over and only the final terms and valuation remain to be negotiated. The deal would be finalized once it is passed by the board of peninsula land. Peninsula Land is awaiting approval from civic authority to start construction of the township which would take a time of nearly 5 years to complete.The Aditya Birla Real Estate Fund has a total value of Rs 1,100 crore of which Rs 300 crore had been variously invested in 5 different transactions. The remaining Rs 700 crore will be invested in the next one year. The Peninsula Land deal is its 6th investment. займ на карту без отказов круглосуточновзять кредит онлайн