The global real estate fund of Morgan Stanley is in talks with Mumbai-based Sheth Developers to invest $100-125 million in a residential project in Mumbai, sources with direct knowledge of the development said.
The Morgan Stanley fund will invest in the firm’s project in Mumbai, said the sources. Both Morgan Stanley and Sheth Developers declined to comment.
Sheth Developers acquired an 18-acre land parcel in Andheri from Borosil Glass Works in 2010 for about Rs 875 crore and plans to develop a large residential project there, said the sources. If completed, the investment would be the first in India by the Morgan Stanley fund in three years, two of the sources said.
In October, a group of investors including Morgan Stanley and the Government of Singapore Investment Corp, were in separate talks to buy a Mumbai property from textiles firm Alok Industries for about $200 million.
Indian developers are under pressure over the past year as rising interest rates deter residential buyers and funding for builders are becoming scarce.
