Sunday, 22 September 2013

Rohan Builders and Avenue Venture Real Estate Fund (AVREF) to develop residential project in Boganahalli, East Bangalore

Rohan Builders and Avenue Venture Real Estate Fund (AVREF) to develop residential project in Boganahalli, East Bangalore

Rohan Builders, one of Pune's leading residential developers with existing presence in Bangalore, has partnered with Avenue Venture Real Estate Fund for development of a residential project in East Bangalore.

As per the transaction, AVREF, a Mumbai-based domestic real estate fund, has invested about Rs 55 crore in Rohan’s project. 

One of the most established developers in Pune and Bangalore, Rohan has projects such as 'Rohan Mithila' and 'Rohan Madhuban' in Pune and the award-winning 'Rohan Ashima' and 'Rohan Jharoka' in Bangalore, among others, to its credit. This is the first time Rohan has adopted the private equity route for its portfolio expansion. 

AVREF, which primarily invests in residential projects in Pune, Bangalore and Chennai, identifies developers on a growth trajectory and partners with them right from the initial stage of land acquisition, found the transaction is well within its strategy and investment guidelines.

The size of the project is approximately 7 lakh square feet of saleable area and is located in Boganahalli, one of the fast-developing corridors of Bangalore city. 

Boganahalli, situated along the Marathahalli-Sarajapur stretch in East Bangalore, is strategically located in the midst of the IT Corridor on Outer Ring Road. The site is located on the optimally performing stretch of the ORR (Outer Ring Road) with residential destination for IT/ITeS knowledge professionals.