Kotak Realty invests R250 cr in Emaar MGF projects

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.

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.

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"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.