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News & Views on Indian Real Estate

Thursday, May 22, 2008

Milestone to invest big in Tamil Nadu

Venture capitalist Milestone Capital Advisors would invest up to Rs 1,200 crore in Tamil Nadu to build green housing units that are affordable too. The objective of Milestone Capital was to facilitate investment in various areas of the Indian economy. Chennai and other cities like Coimbatore and Madurai in Tamil Nadu offered big opportunity for real estate investment in the country. The company was largely looking at Tier-I and Tier-II cities. The company had so far floated two funds. The first one was for Rs. 250 crore and the amount were disbursed for 14 projects, of which nine were in Chennai. The second one was for Rs. 1,000 crore, which was invested in readily available properties such as warehousing and office complexes. Now the company is floating its third fund, Milestone Domestic Scheme II. It is for the first time that the company is purchasing agriculture and non-agricultural lands and developing and selling them in the form of plotted land. The company would invest Rs. 1,000 crore in the third fund. This fund will deploy 40 per cent for joint development projects and 60 per cent through special purpose vehicle route. The amount would be raised from high net worth individuals and financial institutions. This fund would be primarily used for the construction and development of low-cost and green housing and also large warehousing across Tamil Nadu. Apart from the domestic fund, the company was targeting to raise Rs. 1,600 crore from the international market. The land bank of the company was 300 acres across the country.

NEW LIFE said...

it was good reading about the venture capital fund flowing in TNadu

manish said...

Chennai and other cities like Coimbatore and Madurai in Tamil Nadu offered big opportunity for real estate investment in the country. The company was largely looking at Tier-I and Tier-II cities.

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