Piramal infuses Rs. 425-cr in realty project

At a time when the whole scenario in the country's real estate sector is gathering momentum as it in the recent past witnessed a flurry of investment proposals in realty projects across the country. Close on the heels of the global investment firm, KKR announced plans to invest Rs. 145-cr in Mantri Developers in Bengaluru project. Piramal Fund Management has recently invested Rs. 425-cr in a central Mumbai project being developed by the Lodha Group, said official sources claiming that the funds will be used in the construction of premium residences by Lodha Group in a project with more than 5 lakh sq. ft. of saleable area where 40% of space has already been sold in the midst of construction. The deal has been structured as a fixed return debt investment with periodic coupon payments and has an appropriate security mechanism in place including hard asset cover as well as escrow of receivables.