Financial institution Motilal Oswal on Friday said it has invested Rs 260 crore (around $31.4 million) in Chennai-based real estate developer Urbanrise – Alliance Group for the development of its three upcoming projects in Bengaluru and Hyderabad.
The projects, which include a villa project 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, the company said in a statement.
“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 of Real Estate Funds, Motilal Oswal Alternates.
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 one 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 to have delivered over 7,500 homes and has over 54 million sq ft of projects under development at various stages. It has a real estate portfolio of Rs 33,000 crores.
Earlier this month, Motilal Oswal Alternate Investment Advisors announced the closing of its fourth mid-market growth capital-focused private equity fund with commitments of Rs 4,500 crore. The fund has already made three investments—in Pathkind, a diagnostic chain promoted by the Mankind Pharma group and Simpolo, a player in the premium tile segment and parent entity of gifting platform IGP.com. The group also invested $28 million (Rs 225 crore) in New Delhi-based Asian Footwears Pvt Ltd.