Jewar Airport impact? Kotak Mahindra Bank announces Rs 500 cr debt investment in real estate firm Gaurs Group
Kotak Mahindra Bank through its subsidiary, Kotak Mahindra Prime Ltd., has announced debt investment of Rs 500 crore with the real estate developer Gaurs Group.
Kotak Mahindra Bank limited through its subsidiary, Kotak Mahindra Prime Ltd, has announced a debt investment of Rs 500 crore in real estate firm Gaurs Group. The investment comes at a time when the upcoming Jewar airport is pushing industrial investment leading to rise in demand for house properties. The debt investment will be used by the realty major to pace up construction work at Gaur City II, part of integrated township Gaur City and Gaur City Center, a commercial hub, both being constructed at Greater Noida West.
Elaborating on the development Manoj Gaur, MD, Gaurs Group said, “Most of the financial institutions with whom we deal have been our valued partners fuelling our growth. The Investments would be used to pace up the construction at two of our projects being developed in Greater Noida West.” He added, “In the wake of Jewar International Airport being revived by the government, there could be a huge rise in the demand of house properties in coming days and hence the project is expected to cater that demand too.”
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“Kotak is a respected leader in the real estate space. The deal of the magnitude has been possible due to the consistent performance delivered by the Gaurs Group in the last several quarters. This deal will cut down financing costs of the group significantly,” said Vineet Singhal, Group CFO of Gaurs group.
Commenting on the development, a spokesperson of the Kotak Mahindra Group said, “We are extending the debt for development of quality residential and commercial projects. We value borrowers with a good track record and who are progressively building organisational capabilities to deliver value to all stakeholders on a sustained basis.”
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