The ADIA - Abu Dhabi Investment Authority & Kotak AIF will put capitals of Rs. 2,002 crore in four residential projects of Prominent Real estate developer, Prestige Group.
The investing funds will be utilized to advance the residential projects in the areas such as Bengaluru, Delhi, Goa & Mumbai.
This infusion of funds signifies the Abu Dhabi Investment Authority’s commitment to venture into the residential real estate market of India by extending its footprints beyond its previous investments in commercial Work spaces.
Currently, the real estate giant, Prestige Group has marked its footprints across diverse cities could probably achieve up to Rs. 20,000 crore of housing unit sales in 2023-24.
Expressing on this, Group Chief Executive of Bengaluru-based Prestige Group, Venkat K Narayana states, “The kind of opportunities coming up in the residential sector is huge. The partnership with ADIA-Kotak is long term. The four Projects of Prestige are large, of around 13.5 million sq ft together. Given the increasing demand and consolidation in the sector, this deal will help in accelerating growth and expansion”.
Likewise, Irfan Razack, Chairman & Managing Director at Prestige Group, said, "This marquee deal not only underscores the confidence of institutional investors in Prestige Group’s execution and corporate governance but also reflects our shared commitment to delivering excellence in real estate development pan-India."
The residential real estate market of India has recorded a huge upsurge after pandemic with major real estate developers such as DLF Ltd, Prestige Group, Godrej Properties & Macrotech Developers, which are reporting significant sales in recent days.
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