DELHI NCR, 27TH MAY 2015 – JLL India’s Segregated Funds Group has invested INR 25 Cr.(USD 4 million approx.) in a residential project by Chennai based Vishwakarma Real Estates & Constructions (I) Pvt Ltd.. The investment has been carried out through its fund, Residential Opportunities Fund –I (ROF – I), registered with SEBI as AIF category II.
The investment is in a mid-luxury residential project, “Skypod”, strategically located on the 200 ft. Pallavaram- Thoraipakkam Radial Ring Road in Chennai. Vishwakarma Developers have delivered a number of projects in last two decades, mostly in the southern suburbs of Chennai. Currently, they have three on-going projects with BUA of 1 million sq ft, to be completed in next three years.
Commenting on the deal closure, Mridul Upreti, CEO, JLL Segregated Funds Group said, “Pallavaram in Chennai has been gaining preference from home buyers as it is conveniently located nearer to the airport and OMR that has various IT Parks, Hospitals, Educational Institutions and Shopping Centres. The area is growing rapidly because of the development of good infrastructure.” He further added, “We see value in investing in mid-market projects being developed by niche players in the given market.”
C. Shankar, Managing Director, Vishwakarma Real Estates & Constructions (I) Pvt Ltd said, “We are happy that JLL SFG have recognized the 200 ft Pallavaram – Thoraipakkam MMRD Ring road as one of the top investment destinations and have chosen to invest in our project located there. This partnership will further accelerate our firm’s footprint in the region.”
He added, “Vishwakarma Properties is confident that ‘Skypod Residences’ will be as successful as its previous project ’Skypark Residences’ which earned us the ‘Best Innovative Builder Award.’