Mumbai: With a $300 million treasure chest for investments in the Indian real estate sector, JP Morgan Property Fund plans to set up a residential project in Chennai, at an estimated cost of Rs400 crore.

Through an equal joint venture tie-up with Chennai-based realty developer Arihant Foundations and Housing, J P Morgan will put up a 45-acre residential project.

J P Morgan''s India Property Fund targets key economic centres in the country including Mumbai, Bangalore, Chennai, Kolkata, Hyderabad and New Delhi among others, to develop projects along with local partners.

Last year, J P Morgan Asset Management had announced the mobilisation of around $360 million from institutional and high net worth investors from the US, Asia, Europe and the Middle East to invest in the Indian real estate space.