Kotak Realty Fund, part of the Kotak Investment Advisors Limited, has picked up 28% stake for Rs 270 crore in Aavisa, an integrated township project being developed by IVRCL Assets & Holdings of IVRCL group.
Talking to FE, IVRCL A&H managing director& vice-chairman E Sunil Reddy said, ?Upon completion, the project would be one of a few LEED certified townships in the country.? The company has floated a special purpose vehicle called IVRCL Hotels & Resorts to develop the integrated township project being developed over a period of next five to six years.
Based on the internal valuation, Kotak Realty Fund has picked up 28% stake for a consideration of Rs 270 crore, Reddy said The first phase of the project, to be developed in 52 acres, with 137 luxury villas (2,853 sqft to 5,400 sqft in size) and 102 independent houses, (1,503 sq ft to 1,980 sq ft) would be completed over a period of 18 months and it will have all basic amenities including landscapping, golf course, community hall, a school, shopping mall, hospital, club house and a host of other facilities, he said. ?Interestingly, 15% of the first phase has been already sold out,? he said.
?The first phase of the project will be developed with an investment of Rs 270 crore and will be a debt-free one. The company has so far invested around Rs 750 crore, including Rs 500 crore to Rs 550 crore for land acquisition and the rest towards developing common and basic amenities. The entire cost being met with internal accruals and funds from Kotak Realty Fund,?Reddy said.