Realty Funds Go ‘Retail’

September 9, 2007

mall_ts.jpg Realty fund deals are being downsized. They kicked off with great fanfare in 2005 as platforms for big ticket investors, but are now going retail. The latest domestic scheme, aiming to raise Rs 700 crore, from the Ajay Piramal-promoted IndiaReits, allows for a minimum investment of Rs 25 lakh. Two earlier schemes — a domestic realty fund of Rs 430 crore that closed in September 2006, and an offshore fund of $200 million (Rs 820 crore) — had minimum investment norms of Rs 1 crore and $200,000 (Rs 82 lakh) respectively. The new IndiaReits fund has also created an Rs 30-crore pool to purchase units from investors in case they want to sell earlier. Reality Retail


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