Kotak Realty earmarks ₹2,300 cr for realty sector

Buoyed by the growing investment appetite in the sector, Kotak Realty Fund (KRF) has decided to deploy about ₹2,300 crore for residential, commercial and retail projects across the country, CEO, Kotak Realty Fund, Vikas Chimakurthy, said, elaborating that the two new funds had already tied up for the targeted amount and deployments are taking place in the last one year. This comes on the back of KRF, which is a part of Kotak Investment Advisors fully exiting all investments in its 'Managed Account Fund I' in which two sovereign wealth funds had invested in 2013, which generated a 19 per cent internal rate of return. As such, from the new capital it has invested in buying out two NPAs (non-performing assets) — a commercial asset in Mumbai (from a co-operative bank) and a mall in Chennai (from a public sector bank), from banks and generated eight funds aggregating to ₹6,000 crore to date, he added.