The real estate-focused investment arm of Motilal Oswal Private Equity Advisors, Motilal Oswal Real Estate, plans to invest around Rs.800 crore in realty projects during the current fiscal. The firm is currently raising capital for India Realty Excellence Fund III (IREF-III), a Rs.1,250 crore fund, of which it has already generated Rs.940 crore to date and plans to close it in the next three months. The player has so far deployed Rs.450 crore from the money it has raised, far below the Rs.600-700 crore it had planned to invest last year. Fundraising was impacted by demonetization temporarily and took longer than anticipated time but it is now back to normal, director and head, real estate investment, Sharad Mittal said. claiming that IREF-III is a residential-focused fund that also selectively invests in commercial office projects, in deals that are typically in the Rs.80-100 crore ranges and the new fund will be larger-around Rs.1,500 crore in size, and will do structured equity deals.
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