Motilal Oswal invests Rs 260 cr in 3 projects of Urbanrise-Alliance Group

Motilal Oswal, one of India’s largest financial institutions, has funded a sum of Rs 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 - 30 acresvilla project on Kanakapura Road, Bangalore, 7 acres high-rise apartment project in Whitefield, Bangalore and the 17.5 acres of high-rise apartment project in Nizampet, Hyderabad. The total saleable area in these three projects would extent to 6.2 million square feet and is expected generate a revenue of Rs 4,600 crore.

“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. During the middle of Covid lockdown we have prepaid a loan of Rs. 140 crore funded by ADIA and Kotak Realty, a good 24 months ahead of that loan tenure,” said Manoj Namburu, Chairman and Managing Director of Urbanrise and Alliance Group.

 “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 and chief executive officer of real estate funds, Motilal Oswal Alternates.