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    KKR infuses Rs. 315-cr in realty project

    KKR Realty Project
    Making it the first institutional investment in Indian real estate this year, US private equity firm KKR & Co. has recently invested over Rs. 315-cr in a premium residential project being developed by the Runwal Group in Mumbai suburban area. The project in question is being built in Kanjurmarg area of the city is spreading over an area of 36 acres, which the developer acquired from Crompton Greaves in 2015 for about Rs. 1,200cr, said official sources claiming that the tenure of KKR's investment is seven years, while the project has a total saleable area of 6 million square feet and will be completed in phases within eight years. The financing was made through KKR India Financial Services and KKR India Asset Finance. The mixed-use development will be one of the largest in the eastern suburbs. In the project, Shapoorji Pallonji, the construction partner, has already started work on the project offering two, three and four-bedroom apartments commanding a price tag of Rs. 1.2cr.
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