To invest in residential projects across Mumbai, Indian Property Advisors (IPAL) is planning to raise a $300-million (Rs 1,850-crore) offshore single-city fund. For Bangalore and Chennai also IPAL would look at raising similar funds in the second round.
The firm wants to raise the fund from major economies such as the US, Europe, West Asia and South-East Asia in the next one-year period. It has already initiated discussions with institutional investors and family offices.
Claiming it as the only Mumbai-focused global offshore fund, the firm intend to invest in residential projects, mainly slum rehabilitation and redevelopment projects in Mumbai.