Prestige Estates secures ₹2,001 crore investment deal with ADIA, Kotak AIF

Prestige Estates Projects has entered into a deal with Abu Dhabi Investment Authority and Kotak AIF to invest ₹2,001 crore in residential projects with a gross revenue potential of ₹18,000 crore across four major cities in the country.

The Bengaluru-based realtor has been spreading its wings across the country, and in just three of its launches, has met with spectacular success in Mumbai, the biggest real estate market in India in value terms.

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The company said in an exchange filing that the deal with ADIA and Kotak AIF was part of its organic growth strategy and it would be developing early-stage residential projects. “These funds will fuel the development of greenfield residential projects across the cities of Bengaluru, Mumbai, Goa, and NCR,” said Venkat K Narayana, Group CEO of Prestige Group, adding that the deal was an outcome of the increasing demand for housing and the consolidation in the sector.

The deal was a mark of the confidence that institutional investors reposed in the company, Chairman and Managing Director Irfan Razack said.