Piramal-backed Indiareit Fund exits from Skylark’s Bengaluru project

Piramal Fund Management’s ‘Indiareit Fund V’, which had invested Rs 36 crores in Bengaluru-based Skylark Mansions, has exited the investment for an undisclosed amount

Ajay Piramal-backed Piramal Fund Management’s ‘Indiareit Fund V’, has exited its investment in Bengaluru-based developer Skylark Mansions for an undisclosed amount. Piramal’s Indiareit Fund V had invested Rs 36 crores in Skylark Mansion in 2014, for a luxury residential project in Bengaluru, which has now been taken over by Shankaranarayana Constructions (SNC), to develop a premium commercial project.

The transaction, facilitated by property consultant JLL, included sale of a prime commercial land parcel on Richmond Road in Bengaluru’s central business district to SNC. “This deal marks Piramal’s exit in the project. SNC has now taken over the project and plans to invest over Rs 100 crores, to develop a world-class office space on the land,” JLL India managing director, Bengaluru, Rahul Arora said. The deal is expected to yield an IRR (internal rate of return) of 18%-19% for Piramal, he added.

The development comes within five months of Piramal Fund Management seeking an extension from investors, for exiting its investment made through this fund. Since Skylark was facing group-level liquidity issues, it was unable to raise construction finance for the commercial project. “Considering the delays in project approvals, continued uncertainty in TDR (transferable development rights) regulations, group level cash flow stress and residual tenure of the Fund, we are now exploring to sell the project land,” Piramal Fund Management had said in its note.

 


Skylark Mansions launches Skylark Dasos, in Bengaluru, with homes starting from Rs 20.5 lakhs

Bengaluru-based developer Skylark Mansions has announced the launch of its residential project, Skylark Dasos, at Kyalasanahalli, with 1-3BHK homes, starting from Rs 20.5 lakhs

July 13, 2018: Skylark Mansions has announced the launch of an apartment project, Skylark Dasos, near Hennur Main Road in north Bengaluru. Spread across 6.5 acres, Dasos (meaning ‘forest’ in Greek), will offer 1, 2 and 3-BHK units of 663 sq ft to 1,506 sq ft area. Skylark Dasos boasts of having approximately 85 per cent of its six acres devoted to green, open landscapes.

The project, Off Hennur Road, Kyalasanahalli, near Biozeen Park, will have 639 apartment units spread across three buildings. The developer has announced a special launch price of Rs 3,499 per sq ft for the units, with homes starting from Rs 20.5 lakhs onwards for 1-BHKs (after PMAY subsidy), Rs 33.4 lakhs onwards for 2-BHKs and Rs 40.8 lakhs onwards for 3-BHKs.

The project, which is located within BBMP limits, enjoys proximity to hospitals like Columbia Asia, international schools such as Ebenezer, playschools, supermarkets, malls, restaurants and pharmacies. Hennur is also well-connected by bus and train, while the metro rail will also soon link the neighbourhood. The CBD and Bengaluru International Airport, Manyata Tech Park and IFCI Financial City, are also easily accessible from Skylark Dasos.

The amenities at Skylark Dasos will include a basketball court, cricket practice pitch, tennis court, an infinity pool, a skating rink, children’s play area, activity zone, sand pit play area, visitors’ car park, a rock garden and a water body, pebble pond, amphitheatre, exercise area and outdoor gym, barbeque court, as well as a viewing deck and seating deck. The scheduled completion date for the project is December 2022.

(With inputs from Housing News Desk)

 

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