Sources close to Tata Realty & Infrastructure said that the company is putting up for sale its IT park in Mumbai's Goregaon. Tata Realty & Infrastructure is the infrastructure development arm of Tata Group. Tata Realty's maiden fund, Tata Realty Initiatives Fund I, manages US$750 million worth of assets.

Tata Realty intends to collect INR800 crore through sale of this 780,000 square feet development. Tata Realty acquired the property from Kotak Realty Fund for around INR525 crore in early 2011. The company is also taking into account selling four other assets managed by the Tata Realty Initiatives Fund I.

"Tenure of the offshore fund is about to get over in little over a year from now and this is the first asset the advisor is looking at exiting. Other assets, including a mixed-use project in Nagpur, Chennai IT SEZ and a mall in Amritsar, are also being considered for an exit," one of the sources said.