Financial institution Motilal Oswal announces that it has invested Rs 260 crore (around $31.4 million) in Chennai-based real estate developer Urbanrise – Alliance Group to back the development of its three upcoming projects in Bengaluru and Hyderabad.
According to the companies’ statement, the projects include a building villa on Kanakapura Road, a high-rise apartment project in Whitefield, and another apartment project in Nizampet, are expected to generate a revenue of Rs 4,600 crore.
Sharad Mittal, Executive Director and CEO of Real Estate Funds, Motilal Oswal Alternates, said, “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.”
Urbanrise-Alliance Group is a real estate developer with presence in Chennai, Hyderabad and Bengaluru. “We are pleased to announce that Motilal Oswal has funded three of our projects in one tranche. 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,” said Manoj Namburu, Chairman and Managing Director of Urbanrise and Alliance Group.
The company claims that it has sucessfully delivered over 7,500 homes. Further, It also has over 54 million sq ft of projects under development at various stages. It has a real estate portfolio of about Rs 33,000 crores.
Earlier this month, Motilal Oswal Alternate Investment Advisors announced the close of its fourth mid-market growth capital-focused private equity fund with commitments of around Rs 4,500 crore. So far the fund has made three investments—in Pathkind; a diagnostic chain promoted by the Mankind Pharma group, Simpolo; a player in the premium tile segment and parent entity of gifting platform IGP.com. The firm has also rakes in $28 million (Rs 225 crore) in New Delhi-based Asian Footwears.