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JLL India’s Segregated Funds Group (SFG) has invested ₹ 25 crore ($ 4 million) in a residential project of Chennai-based Vishwakarma Real Estates & Constructions (I) Pvt Ltd.
This investment has been carried out through its first fund, Residential Opportunities Fund-I (ROF-I), which has been registered with SEBI as an AIF category-II fund.
The investment is in a mid-luxury residential project, 'Skypod', located on the 200 ft. Pallavaram-Thoraipakkam Radial Ring Road in Chennai.
Vishwakarma Developers has delivered a number of projects in the last two decades, mostly in the southern suburbs of Chennai.
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."
C Shankar, Managing Director, Vishwakarma Real Estates & Constructions said, "We are happy that JLL SFG has recognised the 200 ft Pallavaram-Thoraipakkam MMRD Ring road as one of the top investment destinations and has chosen to invest in our project located there. This partnership will further accelerate our firm’s footprint in the region."
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