Motilal Oswal, a leading financial institution, has infused a sum of ₹260 crore in Urbanrise-Alliance Group, a real estate developer, for the latter’s upcoming projects in Bengaluru and Hyderabad.
The three upcoming projects include a 30-acre villa on Kanakapura Road, Bengaluru, the 7-acre high-rise apartment project in Whitefield, Bengaluru, and the 17.5 acre apartment project in Nizampet, Hyderabad.
The total saleable area in these three projects would be to the extent of 6.2 million sq ft. and would generate ₹4,600 crore revenue, according to a statement.
“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 them ahead of the tenure. The financial discipline has always been the DNA of our company, said Manoj Namburu, Chairman and Managing Director of Urbanrise and Alliance Group.
During the middle of the Covid lockdown, we prepaid a loan of ₹140 crore funded by ADIA & Kotak Realty, 24 months ahead of the tenure.
“The increasing trust that homebuyers place in our brand amongst the cities of Bengaluru, Chennai, and Hyderabad has helped the organisation to arrive at a pole position in South India,” added Namburu.
“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 & CEO (Real Estate Funds), Motilal Oswal Alternates.