Affordable housing company Mahaveer Group has raised Rs380 crore from Piramal Finance Ltd for five of its projects in Bengaluru. Photo: HTBengaluru: Affordable housing company Mahaveer Group has raised Rs380 crore from Piramal Finance Ltd for five of its projects in Bengaluru, three people familiar with the transaction said. While that transaction aimed to invest in affordable housing projects by providing patient capital in the form of long-term equity, the Piramal-Mahaveer deal mainly taps the construction financing route. Sharad Mittal, director and head of real estate funds at Motilal Oswal Real Estate, confirmed the Mahaveer exit and said the investment generated good returns. Kotak Realty Fund is in the middle of raising a new $100 million affordable housing fund, which will invest in projects with homes.

Source: Mint November 16, 2017 21:11 UTC