AgenciesPrivate equity fund, Motilal Oswal has invested Rs 260 cr.in Urbanrise-Alliance Group, Chennai-based developer for its three upcoming residential projects.
The funds were raised towards three upcoming projects - 30 acres villa project on Kanakapura Road, Bangalore, the 7 acres high-rise apartment project in Whitefield, Bangalore and the 17.5 acres of high-rise apartment project in Nizampet, Hyderabad.
Manoj Namburu, Chairman and Managing Director of Urbanrise and Alliance Group, said, “ This has been possible due to our track record of promptly repaying every single of our loans taken over the last 18 years and even prepaying loans ahead of the loan tenure. Financial Discipline has always been the DNA of our company, through which we have managed to mark many benchmarks in the industry. Case in point during the middle of Covid lockdown we have prepaid a loan of Rs. 140 Cr. funded by ADIA & Kotak Realty, a good 24 months ahead of that loan tenure”.
The total saleable area in these three projects would extend to 6.2 million sq.ft. and is expected to generate a revenue of Rs.4,600 cr.
“We continue to remain bullish on the mid-income housing segment in India. We hope that this investment forms the foundation of a long-standing partnership with Alliance Group.” said Sharad Mittal CEO (Real Estate Funds) , MOTILAL OSWAL Alternates.
Urbanrise-Alliance Group, has delivered over 7,500 homes. The organization has 54 million Sq.Ft. of projects under development at various stages and has a real estate portfolio of Rs.33, 000 Crores.
The funds were raised towards three upcoming projects - 30 acres villa project on Kanakapura Road, Bangalore, the 7 acres high-rise apartment project in Whitefield, Bangalore and the 17.5 acres of high-rise apartment project in Nizampet, Hyderabad.
Manoj Namburu, Chairman and Managing Director of Urbanrise and Alliance Group, said, “ This has been possible due to our track record of promptly repaying every single of our loans taken over the last 18 years and even prepaying loans ahead of the loan tenure. Financial Discipline has always been the DNA of our company, through which we have managed to mark many benchmarks in the industry. Case in point during the middle of Covid lockdown we have prepaid a loan of Rs. 140 Cr. funded by ADIA & Kotak Realty, a good 24 months ahead of that loan tenure”.
The total saleable area in these three projects would extend to 6.2 million sq.ft. and is expected to generate a revenue of Rs.4,600 cr.
“We continue to remain bullish on the mid-income housing segment in India. We hope that this investment forms the foundation of a long-standing partnership with Alliance Group.” said Sharad Mittal CEO (Real Estate Funds) , MOTILAL OSWAL Alternates.
Urbanrise-Alliance Group, has delivered over 7,500 homes. The organization has 54 million Sq.Ft. of projects under development at various stages and has a real estate portfolio of Rs.33, 000 Crores.
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