Piramal Group and IIFL Wealth Management Ltd. are aiming to raise 20 billion rupees for an alternative investment fund to back advance stage or last-mile realty projects in India's key cities.

According to a Dec. 11 media release, the group will also use external capital on a fund or co-investment basis alongside its lending business.

As of Dec. 11, US$1 was equivalent to 70.76 rupees.