Curation Team
NEW DELHI: Realty firm KVN Properties plans to raise Rs 1,000 crore from Kotak Realty Fund to expand business, according to sources.
Bengaluru-based KVN Properties is a newly established real estate company by Venkat K Narayana, a former CEO of Prestige Estates Projects Ltd.
According to sources, KVN Properties is in talks with Kotak Realty Fund to raise Rs 1,000 crore for growth capital.
The company plans to raise this fund through issue of debentures, they added.
KVN Properties declined to comment.
The fundraise will enable KVN Properties to expand its land parcel footprint in prime locations across India.
These land parcels will get developed through joint development agreements (JDA) or joint ventures (JV) with leading property developers.
The company aims to make land parcel with development potential of 10 million sq ft available for development by 2025-26.
Recently, KVN Properties finalised a joint venture with the Puravankara Group to develop a 24.59-acre land parcel in North Bengaluru and also entered into the development management arrangement with Assetz Group to develop a 5.67-acre land parcel in North Bengaluru.
These projects will have a projected gross development value (GDV) of over Rs 4,300 crore.
