Bengaluru: Residential real estate company, SARE Homes, raises Rs. 435 crores from Altico Capital India and Kohlberg Kravis Roberts & Co. (KKR) for a township project at Sector 92 in the New Gurgaon Region, NCR. In this venture funding round, Altico made a contribution of Rs. 315 crores to refinance existing debt with handling project expenses, and KKR has added a capital of Rs. 120 crores for construction.
Sanjay Grewal, CEO, Altico Capital, says, “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. SARE Homes has demonstrated consistent performance even during the slowdown period by delivering two phases aggregating 1 million sq ft. More than 500 families are already living in the delivered phases of the project with the balance development in advanced stages of construction”.
Incorporated in 2006, SARE Homes is headquartered in Gurgaon and offers quality community housing at strategically identified locations across India. The company is promoted by Duet Group, which is the global asset and real estate management firm based in London focused on developing residential real estate in India. Currently, SARE Homes is developing seven integrated projects running in Gurgaon, Ghaziabad, Panvel, Chennai, Amritsar and Indore offering 20,000 plus apartments covering 34.3 million sq. ft. saleable area. SARE is in a high growth mode and aims to double its area under development in next few years.
“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 as per the desired quality parameters in a time-bound manner” says, Vineet Relia, Managing Director, SARE Homes.