mumbai aditya birla groups real estate fund is close to buying a 50 stake in ashok piramalled realty developer peninsula lands 30acre township project in pune for over rs 115 crore said persons familiar with the development the deal values the projects total development potential of 2million sq ft at rs 230 crore and may offer aditya birla real estate fund returns of nearly 25 the fund has also agreed to share returns above this threshold of 25 with the mumbai based listed developer the process of due diligence is already over both parties are negotiating final terms and valuation the transaction is likely to be concluded soon after the board of peninsula land clears it said a one of the persons mentioned earlier the fund has offered to share returns of above 25 for part of their stake to incentivise the developer to push the revenue and profitability of the project under this term peninsula land will get to share returns of aditya birla real estate fund in addition to returns from its own 50 stake increasingly realty funds are using such mechanisms to get assured returns even in pureequity transactions email queries sent to both peninsula land and aditya birla group on this issue remained unanswered peninsula land had acquired total 33acre land for rs 150 crore in december 2011 from a joint venture company formed by mumbaibased developer ekta group and punes oxford group of the 33 acres the 30acre land parcel on which the proposed development will come up is a contiguous plot the rest 3 acre is around 300400 metre away from the large plot peninsula land had earlier planned to acquire the plots falling between these two to make it a contiguous one however having failed to achieve this the developer is now looking to sell this 3acre plot and go ahead with the development on the large parcel separately currently peninsula land is awaiting final approvals for the project from the civic authority and is aiming to start construction by july with a total estimated development schedule of five years aditya birla real estate fund part of aditya birla financial services has a total corpus of rs 1100 crore and has so far deployed and committed around 300 crore through five transactions the proposed transaction for the pune project of peninsula land will be the funds sixth investment deal leaving over 700 crore for further deployment in the next one year on thursday shares of peninsula land closed at rs 5080 on bse down 14