Ltd has sanctioned Rs360 crore for realty firm Ozone Group’s 150-acre mixed-use Urbana township project in north Bengaluru, which will help the developer refinance existing loans. Urban Infrastructure, which is led by chairman Anand Jain, had invested Rs200 crore in the Urbana project in 2009 through its Urban Infrastructure Real Estate Fund and Urban Infrastructure Opportunities Fund. Apart from Urbana, Ozone is developing a 45-acre township Metrozone in Chennai and has launched a premium residential project in Mumbai’s Santacruz (east) this week. Piramal has emerged as the single largest investor in residential projects, mainly helping developers refinance expensive loans and step up project construction. The transaction helped Lodha to give an exit to HDFC Property Fund, which left with about Rs1,500 crore on an investment of Rs500 crore in 2010.

Source: Mint November 24, 2016 18:40 UTC