Indireit invests Rs 150 cr in Samira Habitats

Mumbai: The Ajay Piramal Group promoted Indiareit Fund has teamed up with Samira Habitats to transform Alibag as residential area of preference for the upwardly mobile of Mumbai.

The initiative would involve acquisition and development of around 560 acres at Rewas – Alibaug – Kashid belt (RAK region) and Panvel here. The expected market value of the projects will be over Rs 1,000 crores. Indiareit proposes to pump in Rs 100 crore in the development.

Samira Habitats plans to acquire another 460 acres with Indiareit’s support.

Mr. Ramesh Jogani, CEO, Indiareit Fund Advisors Pvt Ltd, said: “ The RAK region & Panvel are increasingly turning into attractive investment destinations, given their proximity to Mumbai and the emergence of large format SEZ projects.”