Kotak group firms, RattanIndia lend Rs 5 bn to Bengaluru housing project

Group companies of Kotak Mahindra and Lonestar-backed RattanIndia Finance, have invested Rs 5 billion in an affordable housing project of the Bengaluru-based Adarsh Group, sources said. “This is of the biggest debt deals in real estate after the NBFC (non-bank finance companies) liquidity issue. Many NBFCs have stopped lending to real estate, to meet their commitments,” sources said.

RattanIndia and the Kotak subsidiaries have lent the money for a three million sq ft project, Adarsh Heaven. It would be the first affordable housing project of Adarsh. Located at Yelahanka in North Bengaluru, it will be developed in phases. This is