Milestone Real Estate Fund, a SEBI registered Venture Capital Fund has invested Rs. 110 cr into a residential project in Kolkata.  Jointly developed by Milestone & Godrej Properties, this 3 million square feet project aims to bring a prestigious residential complex to Kolkata.

Announcing this, Mr. Ved Prakash Arya, Group CEO & MD, Milestone Group said, “We are very happy to associate with the Godrej brand. Recognizing the need for quality housing projects in India, we have decided on this venture, due to our partner’s excellent track record when it comes to quality & value for money in design & facilities. This project being in the mid-segment housing sector holds great promise and value for home buyers.”

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Mr. Milind Korde, MD, Godrej Properties Ltd. has confirmed this development. However Godrej Properties Ltd. has refrained from making any statements in the context of its statutory period. It may be noted that GPL has received the SEBI card for bringing out its maiden initial public offer (IPO).

About Milestone Real Estate Fund:
Milestone Group's first real estate fund, aimed at domestic real estate development was raised entirely in India in Rupee denomination. After having being fully invested in 6 Indian cities, it paved way for a second domestic real estate fund, which again was raised in India and at $125 million is close to double the size of the first fund, indicative of the success of the investments.

The fund has an interest in three sectors in real-estate, with 60% of the fund dedicated to Tier-II and Tier-III cities, 30% in land banking and plotting projects & the balance in development and re-development of assets in Tier-I and Tier-II cities.

About Milestone Group
Milestone Group is one of India's premier independent fund houses formed in early 2007 to manage private equity and has invested in projects worth more than US $1.0 billion from 6 funds across three asset classes. Milestone combines extensive national vision with local insight with a team of investment & investment management professionals operating out of Mumbai based headquarters.

Milestone currently manages real estate investments in both development projects and existing rental-yield assets. In all development projects, Milestone seeks to partner with strong local partners with high quality corporate governance controls. Managing relationships with the co-owners & development partners is a key attribute to Milestone. Bringing effective competency through project management, property management, sustainable development consulting, the group applies a disciplined approach to investment nurturing.

About Godrej Properties Ltd.:
Godrej Properties Limited was established as a Real Estate Development company within the Godrej Group of businesses. The company is developing Residential, Commercial and IT projects across cities like Mumbai, Pune, Bangalore, Kolkata and Hyderabad. Apart from consolidating in the existing cities, the company has entered into/is entering into MoUs for expansion into other locations.

Godrej Properties Limited is proposing, subject to market conditions and other considerations, a public issue of its equity shares and has filed a Draft Red Herring Prospectus with SEBI. The Draft Red Herring Prospectus is available on the website of SEBI at www.sebi.gov.in and the respective websites of the BRLMs at www.icicisecurities.com and www.kotak.com

Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section titled “Risk Factors” of the aforementioned Draft Red Herring Prospectus.”

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