NEW DELHI (INDIA): SARE Homes said that it has raised Rs435 crores from Altico Capital and KKR for a township project at Sector 92 in the New Gurgaon Region, NCR.
The project is spread across 66 acres with a residential development potential of approx. 6.5 million sq ft. Altico’s contribution of Rs 315 crores will be used to refinance existing debt and towards project expenses. KKR has provided additional capital of Rs120 crores for construction, augmenting its existing facility of Rs95 crores.
Vineet Relia, Managing Director, SARE Homes, said: “Driven by affordable pricing and connectivity to the main Gurgaon sectors, the New Gurgaon Region is witnessing consistent demand. Our association with two leading lenders in the real estate domain will benefit all stakeholders, including customers. Accordingly, we look forward to delivering the remaining phases of the project as per the desired quality parameters in a time-bound manner.”
Sanjay Grewal, CEO, Altico Capital, said: “This is a unique opportunity to participate in a large ongoing township project in the New Gurgaon Region – considered the fastest-growing residential micro-market of Gurgaon – with an established and credible partner. The investment aims to underwrite a township development wherein the marketability has been established through sales of close to 4.5 million sq ft in the project to date. SARE Homes has demonstrated consistent performance even during the slowdown period by delivering two phases aggregating 1 million sq ft. More than 500 families are already living in the delivered phases of the project with the balance development in advanced stages of construction.”
Yesh Nadkarni of KKR said: “The apartment configuration of mostly 2 and 3 BHK and the price points of the product are in line with affordability standards in the New Gurgaon Region. The location has immense growth potential due to its proximity to the industry catchment area and good connectivity through the upcoming NPR, NH8 and Metro.”
SARE Homes is a top-tier pan-India developer with operations in major cities such as Gurgaon, Ghaziabad, Mumbai, Amritsar, Indore and Chennai. SARE is promoted by the US$5.6 bn, London-based global asset and real estate management firm, the Duet Group. Additional marquee investors include Goldman Sachs and Kuwait China Investment Company, among others. The Group has delivered 4 million sq ft since 2006 and is currently executing more than 9 million sq ft across five projects. SARE has been consistently awarded for its excellence by various industry bodies for robust execution and timely delivery.