Mumbai, July 24 (UNI) India's real estate fund house Milestone, in association with UK-based infrastucture solution provider Ecofirst, today announced the launch of 50:50 joint venture company 'Milestone Ecofirst Advisory Services (MEAS)' for providing eco-friendly housing solutions in the country.
The JV targets to develop atleast five million sq ft area, being funded by Milestone across the country, into a eco-friendly space and meet global norms in sustainable development, Milestone Managing Director Ved Prakash Arya told reporters here.
With the launch of this JV company, for the first time in the country, a real estate fund house will be offering its investee companies projects specialized consultancy services for eco-friendly development, he said.
MEAS will not just offer its services to developers in metros, but also in Tier II and Tier III cities, Mr Arya asserted.
Milestone has invested in over 25 projects across Tier II and Tier III cities, including residential, commercial, mixed-use projects and townships.
Initially, MEAS will provide consultancy to projects being funded by Milestone and later extend the service to third party developers as well, he said.
Milestone has so far raised over Rs 2,400 crore from the domestic market and has the highest deployment ratio in the sector having so far signed investment deals worth Rs.1,800 crore and currently is in the process of raising Rs.500 crore for its domestic fund 'Milestone Domestic Scheme II,' Mr Arya added.
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