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Milestone to invest Rs. 1,200 crore

CHENNAI: Milestone Captial Advisors, an independent venture fund with focus on real estate, has decided to invest up to Rs. 1,200 crore out of its total domestic outlay of Rs. 2,250 crore for affordable and green housing and warehousing in Tamil Nadu.

Addressing a press conference here on Monday, Ved Prakash Arya, Managing Director, said the company was bullish about the Tamil Nadu real estate market.

The company was largely looking at Tier-I and Tier-II cities. Mr. Arya said funds would be raised from domestic high net worth individuals and financial institutions.

The company had so far floated two funds. The first one was for Rs. 250 crore and the amount was disbursed for 14 projects, of which nine were in Chennai.

The second one was for Rs. 1,000 crore, which was invested in readily available properties such as warehousing and office complexes. Now the company is floating its third fund, Milestone Domestic Scheme II. It is for the first time that the company is purchasing agriculture and non-agricultural lands and developing and selling them in the form of plotted land. He said the company would invest Rs. 1,000 crore in the third fund. The amount would be raised from high net worth individuals and financial institutions.

This fund would be primarily used for the construction and development of low-cost and green housing and also large warehousing across Tamil Nadu. Apart from the domestic fund, the company was targeting to raise Rs. 1,600 crore from the international market, he added. Mr. Arya said the land bank of the company was 300 acres across the country.

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