BANGALORE: Real estate venture capital fund, Indiareit Fund Advisors, has announced its partnership with Skyline Constructions & Holding for a Rs 700 crore residential projects initiative.
Indiareit and Skyline, a real estate developer, would jointly develop 17 residential projects -- 16 here and one in Mysore, it was announced at a press conference here.
To be spread across 3.5 million square feet and consisting of more than 2,300 residential units, these projects would be located in areas like Whiefield, Kanakapura Road, Bannerghatta and Old Madras Road, officials said.
The estimated combined market value for these projects would be more than Rs 700 crore, they said.
Besides, Indiareit, which manages a corpus of more than $300 million, would be supporting Skyline in some of its new projects in Bangalore, Mangalore, Chennai and Kochi, CEO and MD of Indiareit, Ramesh Jogani, said.
"We will be aiming at enhancing our investment with Skyline Constructions to more than Rs 225 crore to support its future endeavours", Jogani said.
Skyline's Managing Director, Avinash Prabhu, expressed hope that Indiareit would not only act as financial partners but would bring "immense value and expertise" on board.
Skyline expects to take its presence to over 25 million square feet of developed area, including five million square feet of commercial spaces as well as development of integrated townships here and in other cities, he said.
