Chennai-based actual property agency Alliance Group has raised round Rs 165 crore from Kotak Realty Fund towards an ongoing residential venture in Chennai.
The structured debt deal is towards an reasonably priced housing venture, Revolution One. It has taken Kotak Realty Fund’s whole dedication to round Rs 800 crore throughout 5 initiatives in Chennai and Hyderabad.
Alliance Group’s venture on Old Mahabalipuram Road is unfold throughout 12.5 acres and has 4,000 models priced at Rs. 30-55 lakh every
We closed two offers with Kotak through the pandemic and expanded our relationship to the Hyderabad market too. The newest spherical of funding was used to offer an exit to Indostar,” Alliance Group chairman Manoj Namburu said.
Kotak first invested in Alliance Group’s residential project in 2016, from its $400 million fund raised from Abu Dhabi Investment Authority in 2014.
The group currently has 20,000 homes under various stages of construction and plans to build 50,000 units over the next three years.
“There are a whole lot of tailwinds, however having a powerful monetary companion helps us develop shortly. There is all the time a chance in range,” mentioned Namburu.
The agency can also be in talks with institutional funds for a warehousing platform house, other than growing its footprint within the industrial sector.
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