Private equity fund, Kotak Realty Fund has invested Rs 155 crore in a residential project of a Chennai-based builder, Alliance Infrastructure Projects. The transaction marks one of the largest residential deals in Chennai in the last one year.
The money will be used to give exit to IndoStar Capital Finance and Reliance Capital from a residential project. The deal is in the form of structure debt. Some part of the capital will also be used to speed up construction of Orchid Spring, upper mid-income residential project in Chennai, Orchid Spring is a 2.9 million sq ft residential project, of which 1.8 million sq ft has been delivered.