Kotak Realty Fund, a unit of financial services firm Kotak Mahindra Bank, has invested $54 million (R250 crore) in two projects of Emaar MGF, said V. Hari Krishna, director, Kotak Realty Fund.
"We are investing R250 crore in Emaar MGF’s residential project in Gurgaon."
Kotak has invested in two properties — Emerald Estates and Palm Terraces — both located at Gurgaon, in the National Capital Region (NCR). The investment was made from its domestic fund, which has a corpus of R1,600 crore, Krishna said. "It’s largely pre-sold projects and so, relatively no-risk. And this gives us an opportunity to participate in high-growth Gurgaon market."
Emaar MGF is a joint venture between MGF and Dubai’s Emaar Properties, which is best known for its Burj Khalifa tower.