Religare, promoted by billionaire brothers Malvinder and Shivinder Mohan Singh, was in talks with Piramal for six to eight months to buy nearly 80 per cent in Indiareit for around Rs 300 crore (Rs 3 billion).
Religare Enterprises, the financial services group promoted by Malvinder Singh and Shivinder Singh, was in advance talks with the Ajay Piramal group to buy a 60 per cent stake in the latter's private equity and fund management venture, Indiareit Fund Advisors, for Rs 175 crore, said an executive close to the development.
Real estate private equity fund Indiareit will invest Rs 250 crore (Rs 2.5 billion) in the proposed 138-acre township promoted by the Pune-based Paranjape Schemes Construction Ltd.
Indian property markets are not in the pink of health.
The fund is to invest in income generating assets such as malls, office complexes among others.
Sudden spurt could be seen as a sign of maturity or slowing in the sector.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances