Chennai-based real estate firm Alliance Group has raised around Rs 165 crore from Kotak Realty Fund against an ongoing residential project in Chennai.
The structured debt deal is against an affordable housing project, Revolution One. It has taken Kotak Realty Fund's total commitment to around Rs 800 crore across five projects in Chennai and Hyderabad.
Alliance Group's project on Old Mahabalipuram Road is spread across 12.5 acres and has 4,000 units priced at Rs. 30-55 lakh each
We closed two deals with Kotak during the pandemic and expanded our relationship to the Hyderabad market too. The latest round of funding was used to provide 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 lot of tailwinds, but having a strong financial partner helps us expand quickly. There is always an opportunity in diversity," said Namburu.
The firm is also in talks with institutional funds for a warehousing platform space, apart from increasing its footprint in the commercial sector.
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