Rustomjee Group is setting up a development fund platform, Mt K Kapital, focused on residential and mixed use development projects in Mumbai Metropolitan Region. The fund size will be around $50 to $75 million (Rs 380-570 crore), said Boman Irani, chairman and managing director of Rustomjee Group, on April 14.
In the future, the fund will invest in completed mixed use commercial assets across various cities. The filings for the fund licence have already been made.
“With a strong focus on Mumbai Metropolitan Region, Rustomjee has delivered some of the best developments in real estate. We are glad to create Mt K Kapital platform and through this we aim to leverage our development expertise and grow our presence in the Mumbai Metropolitan Region while maximising value to the investors of the fund,” he said.
“We aim to bring in assets with a top line of $0.5 billion in the first fund,” said Binitha Dalal, founder, Mt K Kapital.
Rustomjee Group has a development portfolio of 20 million square feet of completed projects, 9.2 million square feet of ongoing development and 16.4 million square feet of planned development across the Mumbai Metropolitan Region.
Rustomjee Group's portfolio includes two township developments in Thane and Virar, as well as large residential developments, office complexes, retail, healthcare and educational institutions across Mumbai in Prabhadevi, Bandra, Khar, Andheri, Kandivali, Borivali and Bhandup.
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