Solomartel completed its mixed commercial and residential fund which will start operations in the second quarter of 2022

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oi-Oneindia Staff

The fund is comprised of properties acquired and built throughout India, the company sought to expand its investments further into northern states of the country.

The company also provided a significant portion of its investment in cities of southern India which currently count a few of India’s most profitable real estate markets.

A large portion of the properties from the fund were built and a minor yet signification portion of the estates were already existing buildings which were acquired and some of them converted into infrastructure dedicated to a different use.

Most of the fund’s properties in southern India are located in the states of Karnataka and Tamil Nadu.

As with their prior funds, the real estate company built a significant number of midsize residential complexes in the city of Chennai. One of the complexes, centrally located and in close proximity to the beach can also function as vacation infrastructure.

An important number of less significant residential properties were built in the cities of Coimbatore and Bengaluru.

The complexes follow a few different layouts of 3 to 7 story apartment blocks using similar construction techniques and configurations with the goal of cutting off additional costs. Nonetheless, it is worth mentioning that as with previous funds, Solomartel built properties that fit in and maintain the same Indian charm as their predecessors without violating or revolutionizing the country’s architecture.

Despite being located in comfortable areas of their respective cities, the residential complexes were geared to be part of the affordable end of the market and were thus built without any extraordinary pieces of equipment, again, with the goal of cutting costs.

As with their prior projects, The company announced having made significant efforts to construct spacious and durable infrastructure with the goal of providing residential units of larger sizes at prices below their market value with the goal of providing better residential infrastructure on the Indian medium and long term rental markets and thus keeping their properties’ vacancy rates at a minimum.

The company slightly changed their investment strategy in Southern India with this fund, focusing almost solely on residential properties whilst switching away from retail and commercial infrastructure in the south of the country.

This dynamic changes totally amongst Solomartel’s properties in the north of the country which count both residential and commercial units. Most properties in the northern part of the country have been newly built but a few of them were estates holding historic value which were purchased and renovated and now serve a different purpose than their original one.

Specifically, an old fort like structure in Surat, previously used as military barracks has been converted in a mix-use commercial and residential property with the bottom level to function as hospitality infrastructure and the top floors as residential units.

The investment fund also constructed multiple apartment complexes and a brand new commercial center in the city which will house everything from retail stores, bank branches and even a local radio station.

In Rajasthan, the company made numerous investments in Jaipur ranging from midsize shopping centers to newly built apartment complexes around the city following their long time interest for the city .

Further investment projects were constructed in Punjab where Solomartel also built Amritsar’s new main commercial center.

Residential complexes of lesser importance were built in the cities of Ludhiana and Amritsar with a somewhat iconic residential tower complex erected in Ludhiana.

Last week, it was revealed that talks are ongoing between Solomartel and a jury made up of members of the Airports Authority of India about the inclusion of Kanpur’s airport in a future Solomartel fund but no concrete agreements have been announced yet.

The city of 3 million inhabitants is currently one of India’s largest cities with disproportionately small airports given their size and population.

The ongoing discussions regarding the partial purchase of the airport and its consequent inclusion into Solomartel’s future holdings give hope for its expansion and renovation to reach international standards without the construction of additional airport terminals which could prove to be difficult given the limitations due to the airport’s location.

Kanpur is known for being one of India’s most overcrowded airports. It only has one food outlet and during peak hours its washrooms are often used as waiting rooms.