Milestone Capital Advisors Private Limited, an independent venture fund with focus on realty, will lift a fund of Rs 1,000 crore to make investment in the flourishing realty sector in tier-II and tier-III cities of Tamil Nadu.    

Mr. Ved Prakash Arya, Milestone Managing Director stated that the fund raised under “Milestone Domestic Scheme-II1” would be used for the growth of land, construction of energy efficient residential buildings and warehouses.    

“We have successfully raised two real estate funds to the tune of Rs 250 crore and Rs 1000 crore respectively. Of the 14 investments we have made out of the first fund, nine are in Chennai,” Mr. Arya added.

He also said that Chennai itself had a high demand of residential space to the tune of 15-20 million sqft over the next two to three years.    

Arya said while 40 per cent of the third fund would go for land development, 60 per cent would be used for building low cost apartments and ware housings.