Dalmia Nisus invests in realty projects in Chennai, B鈥檒uru

05 Aug 2021 CW Team

Dalmia Nisus Finance had invested nearly Rs 80 crore in two real estate projects of Shriram Properties Limited and Puravankara Limited in Chennai and Bengaluru.

The company plans to invest Rs 125 crore in three more projects. Dalmia Nisus Finance Investment Managers Limited Liability Partner (LLP) has invested this Rs 125 crore from the company's Real Estate Credit Opportunities Fund - 1 (RECOF - 1).

The three investments are a part of RECOF - 1 of Rs 500 crore. It mostly invests in structured credit and mezzanine investments in real estate sectors across the country. RECOF - 1 announced its first closure in March 2020.

The first investment with Puravankara was for plot development in Chennai, and the second was for the Thanmathra Aquarella Private Limited community project, managed by Shriram Properties.

The project is named "Shriram Chirping Grove", a development managed by Shriram for Thanmanthra under a Development Management (DM) group.

The project is a gated community project in South Bengaluru, which was launched this year in May and has received a good response, with 40% of the current phase sold in less than three months.

Chairman and MD of Shriram Properties, M Murali, told the media that the partnership with Dalmia Nisus would accelerate the pace of their existing projects and sales.

The funding for the three projects is to close for Rs 125 crore in Mumbai, Pune and Bengaluru.

Also read: Emami Realty to invest in new commercial project in Kolkata

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