Axis Asset Management Company-led realty fund will infuse in an affordable housing project in Bengaluru to make its second investment.
Axis RERA Opportunities Fund-I will invest INR 65 crore ($9.21 million) in a project of realty firm Adarsh Developers, stated VC Circle citing the companys official statement.
The housing project will be constructed at Sarjapur Road, Southeast Bengaluru. It will comprise 600 units with a ticket size, from INR 30 lakh to INR 47 lakh each, stated the media report.
Government initiatives over the past few months have reaffirmed the fund's strategy to focus on the mid- and affordable housing segment in the current market scenario, Balaji Rao, managing partner for real estate at Axis AMC, said in an interview to the cited media agency.
In July this year, Finance Minister, Nirmala Sitharaman had proclaimed tax breaks for housing in the Union Budget as the Indian government tries to attain its aim Housing for All by 2022.
The Axis-led realty fund had signed its first transaction in May this year when it infused INR 60 crore in the Chennai-headquartered developer, Akshaya Group. The fund closed at INR 400 crore in May.