PAG invest Rs 175 crore in Century Real Estate for luxury housing project

Century Real Estate, headquartered in Bangalore, has raised Rs 175 crore from the investment firm PAG to develop a luxury housing project. Century Real Estate, is a leading developer and one of the largest landowners in southern India. They have received an investment of Rs 175 crore from global investment firm PAG for its ultra-luxurious Century Ethos project.

The company said the funds will be used to repay existing debts and to speed up the construction work of the project.

Project Location

The estimated area of the Century Ethos project is about 7.3 acre. It is currently under construction phase, and is located in North Bangalore. The project includes approximately 330 luxury apartments. The price of these apartments varies and starts from Rs 3.4 crore and goes upto to Rs 12.5 crore.

Ravindra Pai, Managing Director at Century Real Estate, said, this new investment from PAG in Century Ethos confirms the growing confidence of local and foreign investors and consumers in the growing northern Bangalore region.”

The fund will help the company in faster completion of the project. Last year was the best year for the project since its launch. Another indicator that the demand for larger, higher-quality homes with luxurious outdoor areas is steadily rising.

Varied Portfolio 

Century Real Estate said it has over 3,000 acres of land and over 20 million square feet of residential and commercial property under construction. Representing more than 3 billion dollar in asset value. Its development portfolio of over 20 million square feet includes hotels, office buildings, residential buildings, and educational institutions.

Last month, Prestige Estates Projects announced a joint venture with Century group to develop an office park in Bengaluru with an estimated construction cost of around Rs 900 crore.

PAG is one of the leading investment companies in Asia. He manages 40 billion dollar in capital across all strategies including private equity, real estate, and absolute profits.

Read more:-

Promoters of Omkar Group arrested for laundering Rs 87 crore

Revised bids submitted by Suraksha group for Jaypee Infratech

MoU Between Century Real Estate and IIM-B

Bangalore-based, Century Real Estate and the Indian Institute of Management Bangalore has signed an MoU for setting up the IIMB-Century real estate research initiative.

The IIMB-Century Real Estate Research Initiative will focus on collecting data and conducting scientific, cross-disciplinary research on the Indian real estate sector that will be published in leading academic and practitioner journals, the realty company said in a statement.

“There is a tearing need for such an initiative in the real estate space that will focus on research, act as an interface between the industry and the policy makers and eventually churn out quality human resource for this sector,” says P Dayananda Pai, Founder-Century Real Estate.

Additionally the research initiative will seek to provide guidance and policy recommendation to government and industry stakeholders on major issues relating to the Real Estate sector.

“The initial charter for the Research Initiative will be to create taxonomy of relevant data that will be required to do meaningful research, initiate research projects that fill key knowledge gaps and engage with key stakeholders within the industry” says professor Venky Panchapagesan, who has been leading the effort to set up this initiative at IIMB.