Rajahmundry venture gets funding

Rajahmundry Vision Heights venture

At a time when real estate projects are facing funds crunch due to the fall in demand in Hyderabad, a township project in Rajahmundry managed to attract Rs 25 crore funding from Pragnya Advisors Pvt Ltd.

Pragnya Advisors Pvt Ltd has invested $5Mn in the 50 acre integrated township project Vision Heights Ltd in Rajahmundry, reports dealcurry.com

Pragnya Fund, a Mauritius based private equity fund with target investments in Indian real estate, has been sponsored by Subba Rao Dukkipati and Gopal Menon. The fund has been in the real estate investment business in India and Sri Lanka since 2005-06.

“Besides the capital investment, we also needed an experienced, strategic partner because it’s a large project,” said Ram Bhoopal, director, Vision Heights Ltd.

This is an interesting development in real estate sector as this is probably the first time that private funds have looked at a place like Rajahmundry, which is not even a tier-2 city.