JLL India´s Segregated Funds Group has invested Rs 25 Crore in a residential project by Chennai based Vishwakarma Real Estates & Constructions (I) Pvt Ltd. The investment has been carried out through its fund, Residential Opportunities Fund ´I (ROF ´ I), registered with SEBI as AIF category II. The investment is in a mid-luxury residential project, ´Skypod´, strategically located on the 200 ft. Pallavaram- Thoraipakkam Radial Ring Road in Chennai. Vishwakarma Developers have delivered a number of projects in last two decades, mostly in the southern suburbs of Chennai. Currently, they have three on-going projects with BUA of 1 million sq ft, to be completed in next three years.
Commenting on the deal closure, Mridul Upreti, CEO, JLL Segregated Funds Group said, ´Pallavaram in Chennai has been gaining preference from home buyers as it is conveniently located nearer to the airport and OMR that has various IT Parks, Hospitals, Educational Institutions and Shopping Centres. The area is growing rapidly because of the development of good infrastructure.´ He further added, ´We see value in investing in mid-market projects being developed by niche players in the given market.´