Accelerating the process of investment in the country's real estate sector, Private equity firm Xander Advisors India, in a recent move, has invested a staggering sum worth Rs. 280cr in a residential housing project belonging to real estate builder Kumar Urban Development, said an industry insider, adding that the deal, which was sealed recently, will be a structured transaction, including private placement of non-convertible debentures (NCDs). The builder is expected to use the funds raised for developing a slum rehabilitation project located at the Karve Road, a central part of the city in Pune. For the project, which is estimated to have 1 million sq ft of saleable space, the company is currently working out modalities including configurations and pricing of apartments in the upcoming project where residential property rates in the locality are in the range of Rs. 9,000 to Rs. 11,000 per sq ft, he added.
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