Motilal Oswal, one of India’s largest financial institutions, has invested Rs 260 crore in Urbanrise-Alliance Group for the company’s upcoming three major projects in Bangalore and Hyderabad.
The three upcoming projects in which the funds will be used by the developer include a 30-acre villa project on the Kanakapura Road, Bangalore, a 7-acre highrise apartment project in Whitefield, Bangalore, and a 17.5-acre highrise apartment project in Nizampet, Hyderabad.
The total saleable area in these three projects would extend to 6.2 million sqft and would generate a revenue of Rs 4,600 crore.
Commenting on the funding by Motilal Oswal, Manoj Namburu, chairman and MD, 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 Rs 140 crore funded by ADIA & Kotak Realty, a good 24 months ahead of that loan tenure,” he added.
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, Namburu further added.
“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 INR 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 & CEO, Real Estate Funds- Motilal Oswal.
Part of the Bangalore-based Alliance Group, Urbanrise has delivered over 7,500 homes, with 54 million sqft of projects under development at various stages. The company has a real estate portfolio of Rs 33,000 crore.
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