Chennai-based real estate firm Alliance Group has raised around Rs 165 crore from Kotak Realty Fund against an ongoing housing project in Chennai.
The structured loan deal is against Kranti One, an affordable housing project. This has taken Kotak Realty Fund’s total commitment across five projects in Chennai and Hyderabad to around Rs 800 crore.
The Alliance Group project on Old Mahabalipuram Road is spread over 12.5 acres and has 4,000 units priced at Rs. 30-55 lakhs each
We did two deals with Kotak during the pandemic and also expanded our relationship in Hyderabad market. The latest round of funding was used to exit IndoStar,” said Manoj Namburu, President, Alliance Group.
Kotak first invested in Alliance Group’s housing project in 2016 with its $400 million fund raised from the Abu Dhabi Investment Authority in 2014.
The group currently has 20,000 homes in various stages of construction and plans to build 50,000 units in the next three years.
“There are a lot of tailwinds, but having a strong financial partner helps us expand rapidly. There is always an opportunity in diversity,” Namburu said.
Apart from expanding its presence in the commercial sector, the firm is also in talks with institutional funds for the warehousing platform space.
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