Corrected - Indiareit says raises about $50 mln domestic fund

(Corrects headline and paragraph 1 to say domestic fund, not redevelopment fund)

MUMBAI (Reuters) - Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises , said on Tuesday it raised 3 billion rupees from domestic investors to invest in major Indian cities.

Indiareit continues with its plans to raise up to 10 billion rupees for the fund, it said in a statement.

The property fund manages about 43.43 billion Indian rupees across five earlier funds and two third party mandates, Indiareit said. (Reporting by Indulal PM; Editing by Gopakumar Warrier)