Axis Asset Management Company Ltd. has invested Rs 65 crore in a housing project to be built by Adarsh Developers in Bengaluru, the mutual fund house said in a statement on Monday.
"OpportuAxis RERA nities Fund I (Axis RERA Fund) has signed a deal to invest Rs 65 crore with Adarsh Developers," Axis Mutual Fund said.
The investment is for a proposed affordable housing project in southeast Bengaluru. The construction will be completed in two phases with 600-plus units in ticket sizes ranging from Rs 30 lakh to 47 lakh.
The fund had earlier invested Rs 60 crore in Akshaya Developers' project in Chennai.
Axis Mutual Fund has entered the Bengaluru market with the Adarsh Developers deal, said Balaji Rao, managing partner (real estate) at the AMC. "The government initiatives in the last few months reaffirm our funds strategy to focus on the mid and affordable housing segment in the current market scenario.”
Axis AMC is a joint venture of Axis Bank Ltd. and Schroders Investment Management.
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