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    Shriram Properties, Kotak Fund Partner for Kolkata Affordable Housing Project

    Synopsis

    Under the partnership, KIAHF will invest up to Rs 40 crore towards 50% economic interest in the proposed development of Shriram Grand 2.

    acquisition,-mergerAgencies
    The project is being launched in 2019, as part of Shriram Grand City, an integrated township with over 33 million sq ft saleable area under development, in Uttarpara, Kolkata.
    MUMBAI | BANGALORE: Realty developer Shriram Properties has entered into partnership with Kotak India Affordable Housing Fund-I (KIAHF) for development of next phase of its affordable housing project Shriram Grand 2, as part of Shriram Grand City at Uttarpara in Kolkata.

    Under the partnership, KIAHF will invest up to Rs 40 crore towards 50% economic interest in the proposed development of Shriram Grand 2.

    “This investment is in alignment with our strategy of affordable housing fund with CDC Group, to invest in affordable housing projects with a developer of repute and proven capabilities,” said S. Sriniwasan, MD & CEO, of Kotak Investment Advisors.

    KIAHF is an affordable housing fund that is managed by Kotak Investment Advisors and has CDC Group, a development finance institution owned by the UK government, as an anchor investor.

    Shriram Grand 2 is an affordable housing project with over 3,000 units and aggregate saleable area of over 2.1 million sq ft, being developed by the developer through a wholly owned subsidiary.

    “We are looking forward to taking this partnership to next level and leverage each other’s strengths in making Shriram Grand 2 a big success, while exploring opportunities for expedited development of Shriram Grand City as a whole,” said M. Murali, Chairman and Managing Director of Shriram Properties.

    The project is being launched in 2019, as part of Shriram Grand City, an integrated township with over 33 million sq ft saleable area under development, in Uttarpara, Kolkata. As part of the integrated township, the developer is already developing Shriram Grand 1 comprising of around 2,300 units with aggregate saleable area of around 2 million sq ft, substantial part of which is already sold. Ends


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