The debt deal is made against an affordable project, Revolution One. Alliance Group has now taken around a total of Rs 800 crore from Kotak Realty Fund to complete its five projects in Chennai and Hyderabad.
New Delhi: Alliance Group, a Chennai origin real estate firm has raised Rs 165 crore from the Kotak Realty Fund for an ongoing project called Revolution One.
The deal is made against Revolution One, an affordable residential project. Alliance Group has now taken around a total of Rs 800 crore from Kotak Realty Fund to complete its five projects in Chennai and Hyderabad.
The residential project is located on Old Mahabalipuram Road and has a total area of 12.5 acres providing 4,000 residential units starting from 30 lac each.
Manoj Namburu, Chairman of Alliance Group, said, “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.”
The first investment from Kotak to Alliance Group came in 2016 when the Kotak Realty Fund raised $400 million from Abu Dhabi Investment Authority in 2014.
Alliance Group currently has 20,000 units under various construction stages and the company is looking to grow its unit size to 50,000 in the next three years.
Namburu added, “There are a lot of tailwinds, but having a strong financial partner helps us expand quickly. There is always an opportunity in diversity.”
Besides aiming to expand its business in the commercial sector, the company is also looking to collaborate with other funds and is currently in talks for its warehousing platform space.
Published by– India PR Distribution