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KVN Properties, a new real estate firm founded by former Prestige Estates CEO Venkat K Narayana, is in discussions to raise INR 1,000 crore from Kotak Realty Fund. The proposed fundraise, to be secured through the issue of debentures, is aimed at acquiring a portfolio of land parcels with development potential across India. The company, which has already finalized joint ventures with leading developers like Puravankara and Assetz Group in Bengaluru, aims to have a land bank with a gross development value (GDV) of over INR 4,300 crore. The fund will enable KVN Properties to capitalize on the strong demand in India's residential and commercial real estate sectors and expand its footprint through a joint development model.
Sources familiar with the matter indicate that Bengaluru-based KVN Properties is in advanced talks with Kotak Realty Fund to raise INR 1,000 crore in growth capital. The firm, founded by Venkat K Narayana, the former CEO of Prestige Estates Projects, plans to secure the funds through the issuance of debentures. If secured, the funds will enable KVN Properties to acquire a substantial portfolio of land parcels and expand its presence in key locations across the country. Advertisement
The company's business model is focused on entering into joint development agreements (JDAs) and joint ventures (JVs) with established developers. This approach minimizes capital risk for the company while allowing it to monetize its land acquisitions through partnerships with firms that have proven project execution capabilities. The company has already finalized joint ventures with the Puravankara Group and the Assetz Group to develop land parcels in North Bengaluru.
These initial projects, located in the rapidly developing micro-market of North Bengaluru, are set to cover over 30 acres of prime land. The projects are planned to include high-end residential apartments, which have seen a surge in demand due to the presence of tech parks and a growing professional workforce in the area. The combined projects have a projected gross development value (GDV) of over INR 4,300 crore, demonstrating the scale of the company's early ambitions.
The potential investment from Kotak Realty Fund highlights the growing trend of private equity flowing into India's real estate sector. According to recent reports, private equity investment in Indian real estate has increased by over 20% in the last year, with a strong focus on funding credible developers and land acquisitions. KVN Properties' goal is to acquire land parcels with a development potential of 10 million sq ft by the end of 2025-26, positioning itself as a key player in the country's real estate landscape.
Source - PTI
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