Axis AMC invests in Adarsh Developers' housing project

Axis Asset Management Company Ltd (Axis AMC) on Monday said it has invested Rs 65 crore in a housing project to be built by Adarsh Developers in Bengaluru.

"OpportuAxis RERA cities Fund – I (Axis RERA Fund) has signed a deal to invest Rs 65 crore with Adarsh Developers," the company said in a statement.

The investment is for a proposed affordable residential project in south east Bangalore.

The construction will be spread across two phases with 600 plus units in the ticket sizes ranging from Rs 30 lakh to 47 lakh.

The fund had earlier invested Rs 60 crore in Akshaya Developers' project in Chennai.

Balaji Rao, Managing Partner – Real Estate, Axis AMC said the company has entered the Bengaluru market through this deal.

"The government initiatives in the last few months reaffirm our funds strategy to focus on the mid and affordable segment housing in the current market scenario," he said.

Axis AMC is a subsidiary of Axis Bank. It is a joint venture between Axis Bank and Schroders Investment Management.