Kotak Mahindra Bank limited through its subsidiary, Kotak Mahindra Prime Ltd., has announced debt investment of Rs. 500 crore with India’s leading Delhi based realtor firm, Gaurs Group, said a press statement issued by the group. The debt investment will be used by the realty major to pace up construction work at Gaur City II, part of integrated township Gaur City and Gaur City Center, a commercial hub, both being constructed at Greater Noida West.
Gaurs Group has been a major player in north India’s realty market with over 40,000 delivered units in last 24 years. The realtor group was in news in 2018 for gross sales of more than 10,000 units in FY 2018-19. In fact, in the last month of FY 18-19; March 2019, the group clocked sale of over 600 units, said the press statement.
The group had recently also raised Rs 640 crores from PNB housing, once again exuding the trust among the financial institutions.
Manoj Gaur, MD, Gaurs Group said, “Most of the financial institutions with whom we deal have been our valued partners fuelling our growth. The investments would be used to pace up the construction at two of our projects being developed in Greater Noida West.” He added, “we have had a good run since 2 years and have sold good numbers which has helped us to complete projects within stipulated time. We also have excellent track record and relations with banks which has made us a preferred partner for such big fund deals.”