Kotak Realty Funds,
the real estate PE (private equity) fund of Kotak Mahindra Group, has entered
into a JV (joint venture) with Chennai based
leading real estate companay Akshaya Homes for construction of
residential units on a 20 acre plot off Chennais OMR (Old Mahabalipuram road) .
Revenue Sharing..!
Mr. Chitti
Babu,Chairman and Chief Executive, Akshaya Homes said, ''It is a revenue share
venture, where Kotak will hold 20 per cent stake while Akshaya Homes will have
the majority"
In 2011, Kotak had
engaged Mexican pre-fabricated affordable housing company Homex to develop the
same land parcel for Rs. 130 crore. However,the deal did not get the necessary
regulatory approvals.
 |
| Mr. Chitti Babu,Chairman and Chief Executive, Akshaya Homes |
Kotak had acquired
the land from Pentamedia Graphics in 2007 under the Reconstruction of Financial
Assets and Enforcement of Security Interests Act.
2,136 Middle Income Flats..!
Akshaya Homes plans
to build 2,136 middle income flats on the plot with an average price of over Rs.
3,000 per square feet. The total investment in the project will be Rs 450
crore, excluding the plot of land cost, and we are expecting revenue of Rs. 750
crore from the proposed residential development, Mr. Chitti Babu said.
Akshaya Homes..!
Akshaya pvt ltd
G squre, no. 46, Rajiv Gandhi Salai
(OMR),
Kandanchavadi Chennai - 600 096.
t +91 44 2496 8811 /
4200 8811
f +91 44 2496 8812
www.akshaya.com
home facts at
http://akshaya.com/homefacts.aspx
Email: marketing@akshaya.com,
anitha.b@akshaya.com
No comments:
Post a Comment