Motilal Oswal has funded a sum of ₹ 260 Cr. in Urbanrise – Alliance Group, South India’s largest Real Estate developer for the company’s upcoming three major projects in Bangalore and Hyderabad.
The funds were raised towards three upcoming projects – 30 acresvilla 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. The total saleable area in these three projects would extent to 6.2 million sq.ft. and would generate a revenue of ₹ 4,600 cr, the statement said.
Commenting on the funding by Motilal Oswal, Manoj Namburu, Chairman and Managing Director of Urbanrise and Alliance Group, said, “We are pleased to announce that Motilal Oswal has funded three of our projects in one tranche, thereby marking a new beginning in our relationship. 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 ₹ 140 Cr. funded by ADIA & Kotak Realty, a good 24 months ahead of that loan tenure”.
“The increasing trust that homebuyers place on our brand amongst the cities of Bangalore, Chennai and Hyderabad has helped the organization to arrive at a pole position in South India,” added Namburu.
“We have partnered with Alliance Group – a leading developer based in South India having operations in Chennai, Hyderabad and Bangalore – for a total commitment of ₹ 260 Crore. We continue to remain bullish on the mid-income housing segment in India. We hope that this investment forms a foundation of a long-standing partnership with Alliance Group,” said Sharad Mittal – Executive Director and CEO | Real Estate Funds, Motilal Oswal Alternates.
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