Indiareit raises about $50 million domestic fund

Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, said on Tuesday it raised Rs 300 crore from domestic investors to invest in major Indian cities.

Indiareit continues with its plans to raise up to Rs 1,000 crore for the fund, it said in a statement.

The property fund manages about Rs 4,343 crore across five earlier funds and two third party mandates, Indiareit said.

Copyright: Thomson Reuters 2013