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Piramal takes a contrarian call

Indiareit Apartment Fund is picking up apartments at a discount, which has helped builders tide over the liquidity crisis

Even as real estate investors wait for that elusive price correction, Piramal Fund Management has taken a contrarian call through its Indiareit Apartment Fund which was launched in October. The fund, the first of its kind in India, has raised Rs 550 crore from high net-worth individuals, promoters and family offices to purchase residential apartments across India at discounted rates. Even in such market conditions, the fund is looking to generate IRR (internal rate of return) of 26 per cent over two to three years, unlike other private equity funds which have a lifespan of five years or ...