Bengaluru: Former chief financial officer of Infosys NSE 3.96 % TV Mohandas Pai, Manipal Education and Medical Group CEO Ranjan Pai and the group’s corporate affairs adviser Abhay Jain have jointly committed ?100 crore to Maia Estates, a new real estate development firm based in Bengaluru.
The company plans to use the capital to launch three residential projects in Bengaluru.
“We have so far drawn only 15% of the total commitment. The rest will be drawn as the projects progress,” said Maia Estates CEO Mayank Ruia.
“The total investment in two projects alone will be Rs 700 crore, with an equity requirement of Rs 350 crore,” said Ruia.
Maia Estates has received project-level funding from all the three investors.
“It is an equity structured deal. While I own three-fourths of the company, the rest is held by the three investors, with Ranjan Pai holding the largest share”, said Ruia.
The firm’s first project, Pelican Grove, is spread over two acres of land near Jakkur Lake in north Bengaluru and comprises 36 apartments priced over 5 crores each.
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