MUMBAI: BlackSoil Realty Fund-I is set to invest Rs 25 crore in realty developer Ahuja Constructions' residential project in central Mumbai's Sion locality.
The SEBI registered Category II alternative investment fund has recently concluded raising Rs 139 crores and is planning to invest the residual amount within the next 12-18 months, the fund said in a statement.
BlackSoil Realty Fund will be investing in Ahuja Constructions' mid-market project, O2. The project consists of 7 buildings spread over 2.5 acres and is scheduled to be completed by 2019.
The Fund is promoted by Shashi Kiran Shetty, CMD of Allcargo Logistics, Gnanesh Gala, Managing Director of Navneet Education, and Mumbai based realty expert, Virendra Gala.
Ahuja Constructions has, so far, developed 44 projects across Mumbai, and is developing around 7 million sq ft including society redevelopment, joint venture and slum rehabilitation projects.