The fund invested invested R5Cr for 49% stake in the real estate firm in 2007. Later in 2008, it invested R45Cr in Lalith Gangadhar’s high-end villa project in Bangalore called LGCL Ashler.
Promoted by Girish Puravankara, Lalith Gangadhar Constructions is engaged in real estate development, real estate marketing, facility management and project management activities through its subsidiary companies.
Last year, Kotak India Real Estate Fund I sold its stake in Peepul Tree Properties Pvt Ltd to Tata Realty Initiatives Fund-I, managed by Tata Realty and Infrastructure Ltd (TRIL), for Rs.525 Cr.
Kotak India Real Estate Fund-I, a Rs.457 Cr corpus fund, owns an 8% stake in budget hotel chain Lemon Tree Hotels, 10% in Pride Hotels, 38% in 3C Green Boulevard, a commercial property in Noida, and owns Clover Golf Community, which is building villas and a golf course.
Earlier, it has exited from Sobha Developers, Mayfair Housing, Phoenix Mills and NDR Warehosuing Pvt Ltd.
Kotak Realty's other funds include - $380 M (Rs.1,494 Cr) Kotak Alternate Opportunities India Fund and $265 Mn offshore fund.
The fund recently announced its investment of R120Cr for 20% stake in Parsvnath Developers' SPV, which will develop township project in Gurgoan.
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