Private equity firm India Property Fund has picked up a 49% stake in Ramprastha Group’s housing project Skyz in Gurgaon for Rs.120 crore.
The project, being developed on 13 acres in Sector 37D on the Dwarka Expressway in Gurgaon, is part of the company’s integrated township Ramprastha City.
About half of the Skyz project, which will have close to 700 luxury apartments, has been already sold by Ramprastha. The money raised from India Property Fund, which is managed by nonresident investor Purnendu Chatterjee’s TCG Real Estate and US-based Vornado Realty Trust, will primarily be used for development of Skyz. Confirming the deal the company’s Chief Executive Officer Nikhil Jain said, “Some part of it will also go for other group housing projects in Ramprastha City.
DTZ was the transaction advisor for the deal. The 450-acre integrated township will include group housing, plots, commercial, institutional space, retail, hospitals and an SEZ as well. The company is targeting revenues of over Rs.8,000 crore from it over the next 6-7 years. In the last two years, investing at the project level has been the preferred route for most PE funds in the real estate space.
