Pune: A Pune- based Vastubodh Projects declared that the firm had received a fund of
₹ 40 crore through its PE firms for its two affordable housing projects.
The Mumbai-based PE firm Avenue Partners Real Estate Funds will infuse in the Vastubodh’s affordable housing projects AnandGram, spread over 25 acres and the rest amount will be paid in an other project yet to be announced.
Around₹ 20 crore of the total investment will be infused in AnandGram project. The PE firm will get the 80pc of equity holding in the project.
Though the Avenue Ventures has 80 pc stakes in the holding the Vastubodh Projects is sure to buy them off form the PE firm in next 36 months.
This is the second infusion by a PE in an affordable project. Earlier in 2011, PE player Carlyle had declared an investment of $26 mn in Value and Budget Housing Corporation.
Vastubodh, aims on affordable housing units, has housing projects in Pune, Kolhapur and Baramati, the firm is also thinking to enter Mumbai market very soon. The firm in a JV has acquired 1.1 million square feet of land at Boisar and invested about Rs 10 crore for the same.
Vastubodh Projects come under two brands AnandGram for lower income and UrbanGram for middle income group customers. AnandGram will offer units in the range of Rs 500,000 to Rs 1,500,000 and UrbanGram home will be available in the range of Rs 15 lakh to ₹ 30 lakh.
The PE Avenue Ventures Partners was found in 2012, and had raise Rs 250 crore to invest in residential projects in Pune, Bangalore and Chennai.