"On the Investment side, the Fund has already commenced operations, committing approximately 13% of the funds raised and has a healthy pipeline of investment opportunities" said Mr. Ved Prakash Arya Managing Partner and Chief Investment Officer of IL&FS-; Milestone Fund-1.

"IL&FS-Milestone; Fund-I was conceived to create a mechanism and market whereby ready leased real estate assets have an exit mechanism. This would go a long way in creating depth in the real estate market. With Ved Prakash & Milestone, we believe we have a strong partner by which we can grow this concept," said Mr. Shahzaad Dalal, Vice Chairman of IL&FS; Investment Managers Limited.

IL&FS-Milestone; Fund-I, a yield-driven real estate investment alternative, has offered, for the first time in India, a structure similar to Real Estate Investment Trusts (REIT).

Internationally, real estate investment trusts (REIT's) are the most popular investment route for corporates and individuals to invest in real estate. In India, once the Government of India allows real estate investment trusts (REITs), the market is expected to grow exponentially. Real estate has emerged as an attractive alternative investment destination across different investors including High Net-worth Individuals, Financial Institutions, large corporates & business houses. The minimum investment amount of Rs.10 lakh spread over 12 months has been very well received with a large number of investors spanning across the entire country.

"The strong response to the fund from individuals and corporates alike, indicates that investors are now eagerly looking at innovative structures similar to REITs to help them diversify their portfolios without the complication of investing in real estate directly. Milestone plans to structure more products to provide innovative investment avenues to retail households going forward", said Mr. Arya.

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