BlackSoil Realty Fund invests in Mumbai project

BlackSoil Realty Fund - I has made its sixth investment in Sankrit Group’s upcoming and almost ready projects at Bandra (West). The Fund has invested Rs 35 crore by subscribing to non-convertible debentures issued by the developer.

The Mumbai-based fund has made five other investments in the past in Mumbai, Chennai, Bengaluru and Hyderabad. It is backed by promoters of industry giants such as Allcargo Logistics and Navneet Education Groups. The Category-II AIF has recently done its closing at Rs 160.2 crore, residual funds of which it plans to invest in the current year.

The funds have been invested in two projects of Sankrit Group, one being a joint venture with Shreeji Combine in the posh localities of Bandra (West), off Waterfield road. Both projects are single tower structures providing state-of-the-art facilities and ease of access to the airport as well as Bandra-Worli Sea link.

Partner of BlackSoil Realty Fund, Virendra Gala, said: “This being our first investment in Bandra has given us a diversified presence all over Mumbai.” The projects are nearing completion and possession is expected in the next six months. He also added: “The price range is going to be very competitive, considering the project offerings and micro-market. The location will attract great demand in the current bearish real-estate market.”

“Transacting with BlackSoil has been beneficial to us. We believe that we will be able to address the right target market in Bandra, looking for single flat per floor configuration in the right budget. Our value for money flats will surely make our buyers happy. We look forward to transacting with BlackSoil in the future,” said Kushal Shah, Director — Sankrit Group.