BlackSoil Realty is set to invest Rs 25 cr in Ahuja Construction’s “Project O2” through SPV
BlackSoil Realty
BlackSoil Realty Fund–I is all set to invest Rs 25 crore in Mumbai’s leading real estate developer’s project. According to sources, Ahuja Constructions will use this fund for mid-market focused upcoming project which is known as the “Project O2” and it is located at the Sion East. BlackSoil Realty will use the special purpose vehicle to invest fund.
BlackSoil Realty Fund–I is one of the SEBI registered Category-II AIF fund that has recently done its closing with Rs 139 crore and now its planning to invest its residual amount in different projects for the duration of next 12 to 18 months. Al the funds will be promoted by Shashi Kiran Shetty, Chairman and Managing Director of Allcargo Logistics (worth $ 932-million), Gnanesh Gala, Managing Director of Navneet Education Ltd (worth $ 400- million) and Mumbai-based realty expert Virendra Gala.
“Project O2” is the flag ship project of Ahuja Constructions and has been launched as ‘The Lion of Sion’. It is expected that Project O2 will be completed by the end of 2019. The whole project will be consists of seven buildings which will be spread over an area of 2.5 acres and it is currently one of the largest development project in micro market. According to the statement of the Virendra Gala, Partner BlackSoil Realty Fund, “In future the project will be the landmark in Sion (East), and it will attract the large number of upper middle-class as well as middle-class buyers. Apart from that project have strategic location and due to that project will be in great demand in the bearish real-estate market.
According to the statement of the Gautam Ahuja, MD, Ahuja Constructions, “This is one among the very few projects in the region where you will be able to find easy reach and all the essential facilities and amenities to live comfortable life”. Ahuja Constructions is one of the premium real estate developers and it is in business from many years (three decades) and have successfully develop the 44 projects through spanning the belt of Chembur to Mulund and Navi Mumbai and Worli to Borivali. Ahuja Constructions have offered many projects at different locations in Mumbai Metropolitan Region such as; Oshiwara, Sion, Malad, Ambarnath, Worli, Bandra and many other places with approximately 7 million sqft.
