Mumbai, Apr 13 (PTI) Developer Rustomjee Group on Wednesday said it is floating a real estate fund which will raise up to USD 75 million (over Rs 571 crore) to invest in projects in the megapolis.

The vehicle, christened 'Mt. K Kapital', has already been registered as an alternate investment fund (AIF) with capital markets regulator Sebi, as per a statement.

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Typically AIFs have limited partners, which hints that Rustomjee will also be raising money from some external investors.

The fund will invest in residential and mixed use projects in the Mumbai Metropolitan Region (MMR) and in the future, will also take bets on completed mixed use commercial assets across various cities, the statement added.

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"We will work towards creating true value for our investors and keep growing the scope of this platform in times to come. We aim to bring in assets with a top line of USD 0.5 billion in the first fund," its founder Binitha Dalal said.

Dalal will be leading the venture along with Abdeali Tambawala, the statement said, adding that they have an experience of over 15 years each in real estate and fund management.

"We aim to leverage our development expertise and grow our presence in the MMR while maximizing value to the investors of the fund," Boman Irani, the chairman and managing director of Rustomjee Group, said.

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