Delhi NCR-based developer Elan Group has secured an investment of Rs 1,200 crore from Kotak Real Estate Fund. The company plans to use it as growth capital for its expansion.
Kotak Real Estate Fund is part of Kotak Alternate Asset Managers (Kotak Alts) and has raised over $3.5 billion since its inception in 2005. It focuses on diverse real estate asset classes, including residential, office, retail, hospitality and warehousing.
“This investment marks a pivotal moment in our growth journey, enabling us to strengthen our footprint in Gurugram’s real estate market. With this financial boost, we will continue to build on our success and deliver exceptional real estate experiences," said Akash Kapoor, director of Elan Group.
Elan Group’s portfolio consists of 15 projects in residential, retail, commercial and hospitality segments spread across Gurugram and New Delhi with a total built-up area of 25 million square feet. In 2022, the Group ventured into the luxury residential segment with the launch of Elan The Presidential. It awarded two construction contracts of approximately Rs 2,000 crore to Leighton Asia for Elan The Presidential in Sector 106 along the Dwarka Expressway and its luxury commercial project, Elan Imperial, in Sector 82, Gurugram.
Sandeep Agarwal, who is the CFO of Elan Group, said that with this financial backing, the company is well-positioned to fast-track its ongoing projects and embark on new, innovative developments that will further elevate the quality and scale of its projects. “The infusion of capital will allow us to push the boundaries of design and construction, ensuring that our projects exceed the expectations of our customers,” he said.
In August 2022, Elan Group had raised around Rs 425 crore from global alternative investment firm PAG.
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