Hayat Invest, a Kuwait-based Islamic investment firm, is planning to invest $100 million (approx Rs 619.7 crore) in the Indian real estate sector, within two years.

To realize this plan, the company has tied up with XS Real Group, a Chennai-based residential real estate developer.

Hayat Invest will make investment in India through a special purpose vehicle (SPV), Jacaranda Properties, that has been created for the purpose. It will be routed through Hayat's investment arm, Ariston Hayat RE Assets Investment (Mauritius).

XS Real Group's venture will develop its first residential project in Chennai, Tamil Nadu. The project, spread over 1.5 million sq ft, will be executed in a phased manner over four years. It is expected to be launched in June 2014. The partners are still mulling over the location of the second project.

Initially, Hayat Invest will infuse $25 million (approx Rs 154.92 crore) in two projects.