Motilal Oswal has funded a sum of ?260 Cr. in Urbanrise - Alliance Group, South India’s real estate developer for the company’s upcoming three major projects in Bangalore and Hyderabad.
The funds were raised towards three upcoming projects – 30-acre villa project on Kanakapura Road, Bangalore, the 7 acres high-rise apartment project in Whitefield, Bangalore, and the 17.5 acres of a high-rise apartment project in Nizampet, Hyderabad. The total saleable area in these three projects would extend to 6.2 mn sq. ft. and would generate a revenue of Rs.4,600 cr.
The fact that one of India’s largest financial institutions like Motilal Oswal, funding the projects of Urbanrise/Alliance, is testimony to the financial discipline and stability that the Organization has always displayed.
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 Rs. 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 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- of Real Estate Funds, Motilal Oswal Alternates.