Alternative investment platform Walton Street BlackSoil Real Estate Debt Fund II has invested Rs 1.65 billion in Sowparnika Homes Pvt Ltd for a portfolio of projects in Bengaluru.
These projects target the middle-income and affordable segment with an average ticket size of Rs 50 lakh, and are located near major employment hubs and IT hubs such as Sarjapur Road, Whitefield and Old Madras Road.
“This is WSBREDF-II's largest investment and we will enable the delivery of 2,750 homes in the above category,” said Vimal Jangla, managing partner of WSB Real Estate Partners.
Sowparnika has completed more than 5 million square feet in this segment, with more than 7,500 homes, and currently has 4,500 homes spread over 4 million square feet under development in Bengaluru.
“Our partnership with Walton Street BlackSoil will help us deliver high-quality housing and on-time delivery of apartments to end-users in the affordable and middle-income segment,” said Ramji Subramaniam, promoter of Sowparnika Projects.
WSBREDF-II recently invested more than Rs 1.05 billion in two under-construction middle-income housing projects of Pune-based real estate developer Paranjape Group.