QVC Realty partners IIML for development forays

Mumbai, Apr 10 (UNI) QVC Realty today announced that funds managed by IL&FS Investment Managers Limited (IIML) have committed to partner QVC in all its development forays in the country.

The investment by IIML, combined with its strong linkages to the infrastructure sector, will help capitalise on the growing demand across various real estate asset classes including residential, commercial, retail, hospitality. Through this investment, QVC Realty becomes the first venture capital backed start-up in the real estate industry in India.

Commenting on the investment, Mr Prakash Gurbaxani, Founder and CEO, QVC Realty said ''The Indian real estate market is fast changing from being supply constrained and is now opening up to international competition. We are pleased to partner with IIML and are confident that capital infusion, will enable us to take the leadership position''.

Shahzaad Dalal, Vice Chairman and MD IL&FS Investment Managers said '' The growing Indian economy is creating unprecendted oppurtunities in the Indian real estate market, combined with the government encouraging FDI in real estate and the focus on investment infrastructure in the country''.

UNI