Axis RERA Opportunities Fund – I (‘Axis RERA Fund’) has signed a deal to invest Rs. 60 crores in the Akshaya Group. The investment by the fund in the acclaimed Chennai based developer is the first investment of Axis AMC’s maiden real estate alternative investment fund.
The Axis RERA Fund has invested in Akshaya’s ‘Orlando’, a unique township project. The upcoming project is located in Kelambakkam, on the Old Mahabalipuram Road (‘OMR’) – Chennai’s famed IT corridor, which is home to some of India’s biggest IT campuses. The commercial developments on the OMR have encouraged the rapid expansion of residential markets in the vicinity, something that the Akshaya Group is looking to capitalise on.
With respect to the association, Mr Balaji Rao, Managing Partner – Real Estate, Axis Asset Management Company Limited (‘Axis AMC’) said,
“We are extremely excited about this deal. Akshaya is one of the most trusted and renowned brands in the south and going forward, we see a synergistic relationship between Axis and Akshaya. I believe that in the future real estate will be tilting towards themed and serviced projects and Orlando, the project we are investing in, is an example of the same. The project is an ideal one in the mid-market segment in that locality”.
Commenting on the association with Axis AMC, Mr T. Chitty Babu, Chairman & CEO, Akshaya Pvt. Ltd., said,
“We feel privileged to be the first real estate company to be funded by Axis AMC’s maiden real estate fund – Axis RERA fund. We thank Axis AMC for placing their trust and faith in our brand and for choosing to invest in Orlando, one of our most exciting upcoming projects. We appreciate the due diligence exhibited by Axis AMC in selecting Akshaya for their maiden real estate fund. Our best wishes to Axis AMC in their forthcoming investments as well.”