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Mumbai-based PE firm Milestone Capital Advisors is close to investing ₹40-50 crore in Rajesh Lifespaces Thane project.
Sources close to the development said that Milestone will be acting as a construction lender to Rajesh Lifespaces’ Thane project. The 12 lakh sq feet residential project Raj Tattva reportedly has all the approvals in place. The project offers 3,4,5 BHK apartments.
When contacted, Milestone Capital declined to comment. Rajesh Lifespaces also remained unavailable for comment.
Recently, Motilal Oswal’s private equity arm had invested ₹113 crore in another project of Rajesh Lifespace Raj Grandeur in Powai. Other projects of the developer include White City (Kandivali (E), Raj Infinia (Malad), Raj Torres (Thane) and Raj Altezza (Mulund).
According to a recent PropTiger report on residential real estate, Thane was one of the regions which saw several new launches. New launches for Q1 FY-16 stood at 9,336 units in Thane.
Ashutosh Limaye, National Director, Research, JLL India, in a report notes that only 2,600 (or 3.35 per cent) of the total unsold inventory of 77,460 residential units have been completed in Mumbai as well as Thane and Navi Mumbai, according to the latest figures.
The sluggish sales could also be due to most of these 2,600 units being priced above ₹1 crore.
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