Piramal Fund Management, the financial services arm of Ajay Piramal-led Piramal Group, has deployed Rs 700 crore collectively against two commercial properties, Reliable Tech Park and Empire Towers in suburban Mumbai. The funding suggests a possible revival in demand for real estate despite demonetisation that was seen as a dampener for the sector. The lender would release the fund in tranches as the projects near completion. Piramal Fund’s managing director, Khusru Jijina, confirmed sanctioning of the amount.
Reliable Tech Park and Empire Towers, together spread over 2.2 million sq ft at Airoli, are part of a complex called Cloud City Campus that extends to 2.7 million sq ft of leasable area. The proposed investment is in the form of flexible LRD (lease rental discounting) against 0.8 million sq ft that is fully leased, with the proceeds going towards completion of the remaining area, according to Piramal Fund Management.
Read more: Economic Times
