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Saturday, July 31, 2010

Piramal Group's realty fund picks up 24% in Flagship Infrastructure - Paranjape Schemes' venture which is developing Blue Ridge Hinjewadi Pune 411057

Ajay Piramal Group promoted real estate fund Indiareit has picked up 24% stake in Paranjape Schemes' Flagship Infrastructure that is developing a township project, Blue Ridge, and special economic zone (SEZ) project in Hinjewadi near Pune, a person familiar with the development said.
Blue Ridge Hinjewadi Pune 411 057:

Indiareit Offshore Fund had subscribed to 4,000 warrants of the entity and is now converting it into equity that will give it a 24% stake. “The warrants are being converted at Rs 55,110 per share translating into a deal worth Rs. 22 crore as per an application made to foreign investment promotion board (FIPB),” said the person on condition of anonymity. FIPB is the nodal body that clears foreign investment proposals in the country.
The Economic Times

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  1. Can be taken as a positive indication for this project, which when completed as per the brochure, may become one of the better townships in Maharashtra?

  2. Dear Dilip, more than the better or the best development, i value the sustainability of a real estate project.

    How this township is going to sustain? What is it's business model? How it will generate the essential revenue for the maintenance?

    Will the known business model of small projects of 100 - 200 flat - monthly contribution from the residents - will work for the township of this size?