Kotak to invest Rs.110 Cr in Parsvnath's Gurgaon project

Kotak Realty Fund has invested Rs.110 crore in Parsvnath Developers Ltd’s 130-acre township-cum-plotted development project at Sohna in the National Capital Region (NCR) Gurgaon.

This is the Kotak's first in a project with plotted developments, has a non-convertible debenture (NCD) element along with equity.

The deal structure is such that the fund gets a certain amount of land in the form of plots, which it can sell at a later date. The fund can exit in around two years time.

The project will be launched shortly, after it secures the necessary approvals. The investment was made from Kotak India Real Estate Fund IV and V. Kotak Realty Fund is a division of Kotak Investment Advisors Ltd.