Alliance Group, Urbanrise to invest Rs 216 bn in India’s Southern part

Alliance Group, a real estate company with offices in Chennai, and its subsidiary Urbanrise intend to spend Rs 216 billion over the following five years to build 36 million square feet of residential projects throughout the Southern market. The proposed projects will increase their portfolio by more than twice as much and will be built in Bengaluru, Chennai, and Hyderabad. The real estate company will build residential spaces totalling 10 million square feet in Bengaluru, 16 million square feet in Chennai, and 10 million square feet in Hyderabad in order to expand its presence. Manoj Namburu, CMD of Alliance Group and Urbanrise said that FY 2022-23 has been a very positive year for the organisation, where we have done record sales of 4,199 homes. The firm will raise capital from existing partners and internal accruals for future projects. Urbanrise has been acquiring large tracts of land in premium locations across Bengaluru, Chennai, and Hyderabad markets to develop residential projects across these geographies. In the last year, it has acquired over 290 acres of land across Southern markets to develop residential projects. In a recent deal, the firm acquired 9.24 acres of residential land from Mahindra Lifespaces Developers in Chennai. Namburu also added, all the projects will come up on the land acquired by the company and this year alone we will build 6 million sq ft. Urbanrise-Alliance raised money from the Kotak-ADIA platform and Motilal Oswal to create projects in Bengaluru and Chennai. In FY 2022–23, the company recorded sales of Rs 25.68 billion. In the most recent fiscal year, the company sold 4,199 homes with a combined 4.23 million square feet of saleable space, and it has 54 million square feet under construction. Also Read TN government intends to build 1,186 houses in Kannappar ThidalForeign investors deploy over $18 billion in real estate in past years