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Piramal Capital plans 50B-rupee real estate investment in Hyderabad, India

Piramal Capital is planning to pour more than 50.00 billion Indian rupees over the next two years in the real estate sector in Hyderabad, India, The Economic Times of India reported, citing Khushru Jijina, managing director of Piramal Finance.

The executive told the publication that the company has always believed in the city's growth potential, adding that it wants to act as "first movers in the market" where its competitors are unwilling to invest.

According to the paper, the amount will add to the nearly 20.00 billion rupees that the company has already invested in the past two years in several Hyderabad real estate developers, such as the Phoenix Group, via financing and lease rental loans.

Jijina, who is also the head of Piramal Housing Finance, said the company also intends to focus on complementing the housing finance vertical by offering house financing to home buyers, the Dec. 25 report noted.

As of Dec. 26, US$1 was equivalent to about 64.06 Indian rupees.