NRI investor Purnendu Chatterjee’s TCG Real Estate and US-based Vornado Realty Trust, is in the final stages of investing Rupees 270 crore in two residential developments in NCR and Mumbai. The fund will invest Rupees 150 crore and Rupees 120 crore in housing projects in Mumbai and Noida, respectively, and pick up 40-45 % in each of the projects, said a person known with the fund’s plans.
“The 400 million Dollars Fund works with land-owners, state governments and developers; particularly medium size developers who lack both money and management talent, to produce international quality real estates, which supply to the high demand sector of the industry. The Fund takes both controlling and minority positions. The Fund also looks at investing in related sectors such as construction, mortgage, lending and infrastructure. The Fund invests between 5 million Dollars to 50 million Dollars in each investment. TCG is the property development and investment arm of The Chatterjee Group.