Global investor KKR and non-banking finance company Altico Capital have invested Rs 435 crore in a residential project of SARE Homes in Gurgaon
in the National Capital Region.
The township project is at Sector 92. The project is spread across 66 acres with a residential development potential of about 6.5 million sq ft.
KKR, through its real estate-focused non-bank finance company, has extended Rs 120 crore of financing for the project. Altico has invested Rs 315 crore.
Sanjay Nayar, chief executive officer (CEO) of KKR India, said: “We are happy to extend our partnership with SARE Homes and we look forward to continuing strong performance on the project, given the high quality developer, affordable unit configurations and attractive location.”
KKR India Asset Finance recently lent Rs 300 crore to Puranik Builders to fund two projects in Pune. The same NBFC invested Rs 700 crore in three real estate
projects last year. It included Rs 200 crore in SARE Homes' group housing project in Gurgaon, about Rs 250 crore in a township project of Bhartiya City Developers in Bengaluru, and another Rs 250 crore in a luxury residential project called Parthenon in Andheri, a Mumbai suburb.
It did its first transaction in June 2014 when it invested about Rs 350 crore in the Mumbai-based Wadhwa Group’s luxury homes project, The Address, in Ghatkopar area.
Sanjay Grewal, CEO, Altico Capital, said: “This is a unique opportunity to participate in a large ongoing township project in the NGR — considered the fastest-growing residential micro-market of Gurgaon
— with an established and credible partner.”
The investment aims to underwrite a township development wherein the marketability has been established through sales of about 4.5 mn sq ft in the project to date, says he.
“SARE Homes has demonstrated consistent performance even during the slowdown period by delivering two phases aggregating one mn sq ft. More than 500 families are already living in the delivered phases of the project with the balance development in advanced stages of construction.” Grewal said.
SARE Homes is a top-tier pan-India developer with operations in major cities such as Gurgaon, Ghaziabad, Mumbai, Amritsar, Indore and Chennai. SARE is promoted by the US$5.6 bn, London-based global asset and real estate
management firm, the Duet Group.
Additional marquee investors include Goldman Sachs and Kuwait China Investment Company, among others. The Group has delivered four mn sq ft since 2006 and is currently executing more than 9 million sq ft across five projects.
The Group has delivered four mn sq ft since 2006 and is currently executing more than 9 mn sq ft across five projects.