Indiareit Fund Advisors, a realty fund manager promoted by Ajay Piramal Group, is planning to launch two real estate funds within the next six months.

Managing partner Khushru Jijina revealed that Indiareit has plans to commence fund raising for a domestic real estate fund worth Rs 750-crore from next month.

Jijina added the company had already completed an initial closure of Rs 50 crore and wanted to hit the market to raise the remaining amount for its domestic fund, which would be the fifth in number.

He also said that the money would be invested in residential properties, among other real estate projects, to take advantage of available and emerging opportunities in the sector.

Speaking on the topic, he futher said, "We believe in medium-sized funds, which help in sensible investments and getting good projects."

Indiareit also announced its decision to exit Rs 440 crore worth of investments from its previous funds and around 33 per cent of party mandates.

Currently, Indiareit is managing four domestic funds worth Rs 4,800 crore and an offshore fund of nearly Rs 1,100 crore. In addition, it manages third-party funds worth Rs 1,470 crore.