KKR, Altico pump in Rs 435 crore for Gurgaon realty project

Mumbai: Global investor KKR and non-banking finance company Altico Capital have invested Rs 435 crore in a residential project of SARE Homes in Gurgaon.

The township project, which is spread across an area of 66 acres, is located at Sector 92 in the New Gurgaon Region and has a residential development potential of  6.5 million sq ft aprroximately. 

KKR, through its real estate-focused non-bank finance company has extended Rs 120 crore for the development of the project, while Altico has pumped in another Rs 315 crore.

Sanjay Nayar, CEO of KKR India, said: “We are happy to extend our partnership with SARE Homes and look forward to continuing strong performance on the project, given the high quality developer, affordable unit configurations and attractive location.” 

“This is a unique opportunity to participate in a large ongoing township project in the New Gurgaon Region– considered the fastest-growing residential micro-market of Gurgaon– with an established and credible partner," said Sanjay Grewal, CEO, Altico Capital.

The investment aims to underwrite a township development wherein marketability has been established with the sale of close to 4.5 million sq ft already, he said.

"SARE Homes has demonstrated consistent performance even during slowdown. More than 500 families are already living in the delivered phases of the project with balanced 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 $5.6 billion global asset and real estate management firm, the Duet Group that is based in London.

Additional marquee investors include Goldman Sachs and Kuwait China Investment Company, among others. The Group has delivered 4 million sq ft since 2006 and is currently executing more than 9 million sq ft across five projects. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.