Piramal Fund Management Pvt. Ltd, the investment arm of Piramal Group, will start funding commercial office projects. It is one of the largest lenders and investors in residential real estate and already has a loan book and equity investments worth Rs.22,000 crore in the residential space alone, plans to deploy another Rs.5,000 crore in commercial office projects in key property markets such as Mumbai and Bengaluru. Piramal will offer capital in all forms such as construction finance, structured debt and in some cases, equity for office developments.
As per research by real estate advisory firm JLL, office space absorption in India during 2015 was at 35 million sq. ft—the second highest after 2011. Vacancies in premium buildings, particularly in Mumbai, New Delhi and Bengaluru, stand at around 8-9% while overall vacancies in India are at 16%.
Read more: Livemint
