Kumar Urban raises Rs 300 crore from Altico Capital

MUMBAI: Realty developer Kumar Urban has raised Rs 300 crore from Altico Capital for its township KUL Ecoloch near Hinjewadi in Pune. The funding proceeds will be utilized to refinance existing lenders and project construction, Altico said in a release.

KUL Ecoloch is a mid-income project with total saleable area of over 3 million sq ft. Phase 1 of the project is partially delivered, while phase 2 and 3 are currently under construction.

“Through this transaction, Altico Capital has further strengthened its presence in the Pune market,” said Sanjay Grewal, CEO of Altico Capital. He expects Altico’s exposure to Pune market to cross Rs 1,000 crore soon with focus on financing mid-income and affordable residential projects’ developers.

Altico recently invested Rs 240 crore in Marvel Realtors’ projects portfolio followed by Rs 180 crore investment in Pharande Group’s two projects in Pune.

KUL Group is currently developing multiple projects in Mumbai and Pune with launched saleable area over 6 million sq ft.

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 residential and commercial projects in India’s tier 1 cities.