After HDFC Realty Fund, it is now the turn of Indiareit, a real estate private equity fund, to invest in Paranjape Schemes Ltd., a leading real estate Pune developer.

The investment involves Rs.250 crore in a USD1 billion project on 138 acres in Hinjewadi. The mixed use township would provide office space for the IT and ITes sector and residential accommodation in the form of apartments and villas, shopping malls and a deluxe hotel.

The Chinese architect firm ECADI will design the pr*oject which is expected to end by 2013. Indiareit has a corpus fund of USD 100 million, and plays an advisory role in an offshore realty fund of USD 300 million.

3i Investments, global private equity firm, is a key component of the Indiareit offshore fund.

The Rs.250 crore investment will be met by Indiareit’s domestic and overseas funds, and a Special Purpose Vehicle, Flagship Infrastructure Pvt. Ltd. will be floated for the project.

The Hinjewadi township enclosing the IT SEZ will take off in the next two months, as the approval from the Centre and State government has already come in.

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