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Eiffel Group partners with India Realty Excellence Fund, managed by Motilal Oswal Private Equity Advisors Pvt. Ltd. to develop one of the largest Plotted Development Scheme at Karjat.

Mumbai 06-Sep-2011

Mumbai, September 6, 2011: Eiffel Group, one of India’s leading real estate developers in plotted development, and India Realty Excellence Fund, today announced that they have entered into a strategic partnership. The two conglomerates have floated a joint venture in the form of a “plotted development scheme” spread over an astounding 120 acres at Karjat.

The project will consist of well demarcated NA plots of 1600 square feet onwards, with an option to construct cottages/bungalows depending on the customer’s requirement and specifications. Boasting a state of the art club house & amenities, this landscaped community in the midst of nature also promises a healthy return to any investor.

Harvesp Mehta, Director, India Realty Excellence Fund – “Our research on plotted development shows that there is an enormous appetite for plots situated within 90-100 km. radius of metros like Mumbai, both from an ownership use as well as an investment perspective. Combining the synergies of the two firms together we will surely make this a landmark project in the area.

Says Shirish Mulekar, Director, Eiffel, “After the grand success of our Bungalow Plot colony Aditya Nissarg in Pune, we have extensive expansion plans to cater to the Mumbai market and look forward to use our real estate expertise to develop many such exclusive communities and first home projects.”

Eiffel Group, which has its projects in Nagpur, Delhi, Pune and Bangalore, is currently developing over 25 million square feet of area and has planned another 119 million square feet of developmental projects.

About Motilal Oswal Private Equity Advisors Pvt. Ltd.

Motilal Oswal Private Equity Advisors Pvt. Ltd. (MOPE) is a wholly owned subsidiary of Motilal Oswal Financial Services Ltd. (MOFSL), a diversified financial services group with businesses in Securities, Asset Management, Private Equity and Investment Banking. MOPE has raised funds for India Business Excellence Fund (IBEF) and India Realty Excellence Fund (IREF) to invest in mid-market companies and real estate projects, respectively. IREF, launched in 2008 is an INR 200 crore ($ 45 million) domestic real estate fund focused on investing in real estate projects in metros and tier-1 cities in India. The average ticket size per project is typically in the range of INR 20 – 30 crores. The fund has already made six investments across asset classes.

For further details, please contact:

Mr. Ankit Kachalia,
Motilal Oswal Private Equity Advisors Pvt. Ltd.
Ph: 022-3982 5500