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December 14, 2010

Deal Alert: Pragnya Fund to invest in Habitat Ventures' Bangalore realty project

From the Press Release

Pragnya Fund has formed a joint venture with Habitat Ventures Ltd for developing a contemporary ‘Work-Live-Relax’ residential cum commercial development with all modern amenities at Whitefield, Bangalore. The project is ideally located close to International Tech Park (“ITPB”), on the Whitefield Road (ITPL Road).

The project is based on a distinctive concept called “Villaments”, which combine the features of a villa and a high end apartment. This product is targeted at higher income families working out of Whitefield & Outer Ring Road, key technology hubs, who would like to have a villa ambience at the price of a higher end apartment. The project has obtained most of the permissions and the launch is scheduled for early 2011.

This will be the first investment by Pragnya Fund in Bangalore. Pragnya Fund has been in the real estate investment business in India and Sri Lanka since 2005-06. The present portfolio of the fund includes an 87 acre integrated township at Chennai, an IT SEZ project at Kochi, a premium mixed-use development project in Colombo, two residential projects at Asansol and Barrackpore in West Bengal and a second residential project at Chennai. The total built up space in these projects is over 12 million square feet.

Habitat Ventures is an upcoming developer who has been operating in the Bangalore market for over 6 years. They have successfully completed plotted developments, apartment projects and commercial projects in various locations around Bangalore.

Mr. Subba Rao Dukkipati, Managing Partner of the Fund said that “Our tie-up with Habitat Ventures on this interesting project in Bangalore is in line with the diversification strategy of our fund in to new real estate markets. Going ahead we plan to strengthen our presence in the city.” Mr. Shivaram Kumar Malakala, Director, Habitat Ventures, expressed that, ‘We are happy to associate with Pragnya Fund on this project and are eagerly looking forward to build on this relationship going forward.” Mr. Bhaskar T N, Director, Habitat Ventures said that “Habitat Ventures aims to make this a landmark project and establish ourselves as the Real Space Provider of Choice in Bangalore, across Residential & Commercial Segments. The Project will showcase our ability to conceptualize, implement & deliver high quality homes and commercial spaces”.