Alliance Group gets Rs 165 cr from Kotak for realty project in Chennai
Real Estate

Alliance Group gets Rs 165 cr from Kotak for realty project in Chennai

Real estate company Alliance Group has raised Rs 165 crore from Kotak Realty Fund for an ongoing residential project in Chennai.

The debt was taken against affordable housing projects. It has taken nearly Rs 800 crore from Kotak Realty Fund for five housing projects in Chennai and Hyderabad.

The Old Mahabalipuram Road project of the Alliance Group is spread across 12.5 acres and has 4,000 units worth Rs 30 lakh to Rs 55 lakh each.

Chairman of Alliance Group, Manoj Namburu, said that the company closed two deals with Kotak during the Covid-19 pandemic and expanded its business in Hyderabad. The last funding round was used to provide an exit to Indostar.

Kotak Investment Fund had previously invested in Alliance Group's residential project in 2016 from its $400 million funds raised in 2014 from Abu Dhabi Investment Authority.

Currently, the company has 20,000 houses under different stages of construction and plans to build 50,000 more units in the next three years.

Namburu said that there are always a lot of tailwinds situation in business, but having a strong finance partner helps the company to expand quickly and brings opportunity in diversity.

The real estate firm also speaks with institutional funds of warehousing space, besides increasing its reach in commercial sectors.

Image Source

Also read: Shrem group plans to raise Rs 600 cr by diluting 15% stake in InVIT

Real estate company Alliance Group has raised Rs 165 crore from Kotak Realty Fund for an ongoing residential project in Chennai. The debt was taken against affordable housing projects. It has taken nearly Rs 800 crore from Kotak Realty Fund for five housing projects in Chennai and Hyderabad. The Old Mahabalipuram Road project of the Alliance Group is spread across 12.5 acres and has 4,000 units worth Rs 30 lakh to Rs 55 lakh each. Chairman of Alliance Group, Manoj Namburu, said that the company closed two deals with Kotak during the Covid-19 pandemic and expanded its business in Hyderabad. The last funding round was used to provide an exit to Indostar. Kotak Investment Fund had previously invested in Alliance Group's residential project in 2016 from its $400 million funds raised in 2014 from Abu Dhabi Investment Authority. Currently, the company has 20,000 houses under different stages of construction and plans to build 50,000 more units in the next three years. Namburu said that there are always a lot of tailwinds situation in business, but having a strong finance partner helps the company to expand quickly and brings opportunity in diversity. The real estate firm also speaks with institutional funds of warehousing space, besides increasing its reach in commercial sectors. Image Source Also read: Shrem group plans to raise Rs 600 cr by diluting 15% stake in InVIT

Related Stories

Gold Stories

Next Story
Real Estate

L&T Wins Mega Order for India’s Largest NVIDIA B300 AI Factory

Larsen & Toubro (L&T), through Vyoma.AI’s AI infrastructure subsidiary LTN Compute, has secured a mega order to develop what the company describes as India’s largest single-cluster AI infrastructure facility. The NVIDIA B300 AI Factory will support US-based AI cloud company Together AI’s platform for large-scale inference, fine-tuning and training workloads.The integrated AI Factory will be hosted at Vyoma.AI’s Chennai data centre campus and will have a capacity of 10,000 NVIDIA B300 GPUs. The platform will combine hyperscale data centre infrastructure, accelerated computing, h..

Next Story
Infrastructure Urban

Autodesk Elevates Nikhil Bagalkotkar to Lead AEC in India, SAARC

Autodesk has elevated Nikhil Bagalkotkar as Head – Architecture, Engineering and Construction (AEC), India and SAARC, with immediate effect.In his new role, Bagalkotkar will lead Autodesk's AEC business strategy across the region and drive adoption of the company's Design and Make platform. He will also focus on promoting digital design and construction technologies to help customers accelerate innovation and deliver more sustainable and resilient infrastructure.Bagalkotkar will be responsible for expanding Autodesk's AEC business, strengthening customer and partner engagement, and accelerat..

Next Story
Real Estate

Listed Developers' Pre-Sales Seen Rising 22.3 Per Cent in FY27

India's leading listed residential developers are expected to sustain strong sales momentum in FY27, with combined pre-sales of 11 major players projected to rise 22.3 per cent year-on-year, according to an analysis by ANAROCK Research & Advisory.Combined pre-sales of the developers are estimated to increase from Rs 1.49 trillion in FY26 to Rs 1.82 lakh crore in FY27. ANAROCK attributed the growth to sustained end-user demand, new project launches and strong execution despite higher property prices, construction costs and global uncertainties.Dr Prashant Thakur, Executive Director and Head..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement