SARE Homes raises Rs 435 cr from Altico Capital and KKR

November 30, 2016

Sare Homes has raised Rs. 435 crore from Altico Capital and KKR for a township project in Gurgaon.

The project is spread across 66 acres with a residential development potential of approx. 6.5 million sq ft. Altico’s contribution of Rs. 315 crore will be used to refinance existing debt and towards project expenses.

KKR has provided additional capital of Rs. 120 crore for construction and augmenting its existing facility of Rs. 95 crore.

Vineet Relia, MD, Sare Homes, said, “Driven by affordable pricing and connectivity to the main Gurgaon sectors, the New Gurgaon Region is witnessing consistent demand. Our association with two leading lenders in the real estate domain will benefit all stakeholders, including customers. Accordingly, we look forward to delivering the remaining phases of the project in line with the desired quality parameters in a time-bound manner.”

Sanjay Grewal, CEO, Altico Capital, said: “This is a unique opportunity to participate in a large ongoing township project in the New Gurgaon Region. The investment aims to underwrite a township development wherein the marketability has been established through sales of close to 4.5 million sq ft in the project to date.”

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