New Delhi, Nov. 11 -- Bengaluru-based real estate developer MAIA Estates has raised Rs 120 crore ($13.5 million) from real estate investment firm Arnya, the company said in a statement.
The funds will be used to develop a residential project in Basavanagudi in south Bengaluru.
"With Arnya's partnership, we are bringing a vision to fruition in Basavanagudi, a neighbourhood that resonates with heritage, culture, and community. This development reflects our dedication to enduring quality and resident well-being," said Mayank Ruia, founder and chief executive officer, MAIA Estates.
Commenting on the same, Sharad Mittal, founder and CEO of Arnya, said, "We believe Bengaluru is poised for a breakout in the luxury residential segment in the coming years, following the strong trends seen in Mumbai and Gurgaon. Our investment in MAIA's south Bengaluru development reflects our conviction in both the market potential and the promoter's vision."
Founded in 2016 by Ruia, MAIA Estates has 11 million square feet of projects at various stages of planning and construction..
Arnya Real Estate Fund Advisors is a real estate-focused investment management firm led by Sharad Mittal, former head of real estate asset management firm Motilal Oswal Real Estate. Arnya currently manages two sector-dedicated funds.
The firm launched its debut fund, Arnya Real Estate Fund-Debt, in 2024, with a target corpus of Rs 1,000 crore. It expects to achieve its final close by the end of this calendar year.
More recently, it launched a second residential fund in partnership with Supreme Universal, targeting another Rs 1,000 crore corpus. Last month, Arnya committed Rs 415 crore from its maiden realty fund toward housing projects across key Indian cities.
Published by HT Digital Content Services with permission from VC Circle.