mumbai piramal fund management has said it has raised rs 500 crore under indiareit apartment fund surpassing the initial fund size of rs 350 crore within three months of its launch the new fund will buy residential apartments from developers at a discount by making bulk purchases bulk discounting is not new but this is an interesting time for investing as the property market is improving slowly said khushru jijina managing director piramal fund management a funds holding power is much better as against high networth individuals the platform indiareit apartment fund has exercised its greenshoe option to increase the size of the offering and is aiming to mop up rs 700 crore the fund is firsttomarket platform for underwriting residential units being developed we are targeting annual returns of over 26 in the next five years which is the tenure of the fund jijina said indiareit apartment fund has already disbursed its first transaction a rs 50crore investment into omkar realtors developers alta monte projects at malad the fund has also approved two transactions one in mumbais bkc and the other in chennais adyar locality which are in final stages of predisbursement diligence the fund will be looking at investing in units of tier i and ii developers with good execution capability and track record in the major property markets of mumbai ncr chennai pune and bangalore he added