Kumar Urban has raised Rs 300 crore from Altico Capital, a non-banking finance company (NBFC), for construction of a residential township and refinancing existing lenders.
"Altico Capital has closed a Rs 300 crore transaction with Pune-based Kumar Urban for a residential township named 'KUL Ecoloch' located near Hinjewadi, Pune," the company said in a statement.
"Through this transaction, Altico Capital has further strengthened its presence in the Pune market. In the last couple of months, Altico has concluded several transactions in Pune," Altico Capital Chief Executive Sanjay Grewal said.
He further said that the overall exposure to this key market should cross Rs 1,000 crore soon with our main focus remaining on providing capital to leading developers focused on mid-income and affordable residential projects in established locations.
Altico Capital, sponsored by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners, plans to deploy Rs 3,000-4,000 crore on an annual basis into the residential and commercial real estate sectors across Tier-1 cities in India.
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