BlackSoil Realty Fund, a Rs 250-crore venture promoted by the Gala family and Shashi Kiran Shetty, has decided to invest Rs 25 crore in O2, Ahuja Constructions’ upcoming mid-market project at Sion.
The project is scheduled to be completed by 2019 through a special purpose vehicle.
BlackSoil, a fund registered on SEBI, recently closed its plans worth Rs 139 crore to invest the residual amount within the next 12-18 months. According to Virendra Gala, a partner in BlackSoil Realty, the project is expected to attract middle and upper middle class buyers.
Price rangeHe added that the price range will be competitive, considering the project offerings and amenities on offer.
In the three decades it has been working in Mumbai, Ahuja Constructions has developed 44 projects all over the city and in Navi Mumbai. In the Mumbai metropolitan region alone, the company has developed 7 million square feet of realty projects.
“This project has the advantage of being centrally located,” Gautam Ahuja, Managing Director, Ahuja Constructions, said. O2, comprising seven buildings spread over 2.5 acres, is close to both Chunabhatti railway station on the Harbour Line and Sion railway station on the Central Line. It is also connected by the Eastern Express Highway.
Early this year, the fund invested Rs 26 crore in a residential project by developer Gala & Ghosheh Group through a joint venture in Tardeo, which is likely to be completed by 2018.
