Thursday, Feb 22 2024 | Time 19:17 Hrs(IST)
Business Economy

Motilal Oswal invests INR 260 cr in Urbanrise, a real estate developer

Hyderabad, Oct 21 (UNI) Motilal Oswal, one of India’s largest financial institutions has funded a sum of ₹260 Crore 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 including two projects Bangalore - 30 acres villa project on Kanakapura Road and the 7 acres high-rise apartment project in Whitefield --- and another 17.5 acres of high-rise apartment project in Nizampet, Hyderabad, the real estate developer company said in a release here on Friday.
The total saleable area in these three projects would extend to 6.2 million sq.ft. and would generate a revenue of Rs.4,600 crores.
Commenting on the funding by Motilal Oswal, Mr. 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.
“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 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 OSWALAlternates.
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