Mumbai, May 28: The Chatterjee Group’s real estate division, TCG Real Estate, which is closing its $450-million real estate investment fund in six weeks’ time, plans to invest not only in Tier I metros but also Tier II cities like Ahmedabad, Nagpur, Indore, Jaipur and Coimbatore.

This is probably the first time a real estate investment fund will be looking at Tier II cities in the country. The realty boom in India has seen quite a few real estate investment fund launches in the last few months, but most of the development is restricted to metros.

“We are looking at Tier II cities for real estate development. It will also include commercial and retail space if we get to do integrated development,” Balaji Rao, MD of TCG Real Estate, told The Telegraph.

Talking about the eastern region, Rao said, “We are looking at integrated township projects. We already have a large presence in Calcutta and would like to further invest in whatever projects we can. They can both be commercial as well as residential.”

Rao did not rule out the possibility of entering the residential space .

“We may look at residential development if we get integrated projects, which would include retail, commercial and residential. This would be TCG’s first foray into the residential space,” Rao added.

TCG is known for high-end commercial development catering mostly to the services sector. The company is also involved with the development of biotech parks.