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Construction : Real Estate | September 2013 | Source : Construction Update

Indian Property Advisors to raise Rs 2,000 cr

Private equity (PE) fund company Indian Property Advisors (IPAL) is planning to raise a Rs 300 crore domestic fund and a $250-300 million ( Rs 1,500-1,800 crore) offshore fund, IPAL Managing Partner Ramesh Jogani said recently. To begin with, Jogani is investing in the slum rehabilitation and society redevelopment space in Mumbai.

IPAL has committed Rs 50 crore to an ongoing special purpose vehicle (SPV) with the Mumbai-based Neumec Group, a property developer, to redevelop projects in Vile Parle, a suburb of Mumbai. Rajesh Jain, Managing Director of Neumec Group, confirmed the deal.

 
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