Elan Group Raises Rs 1,200 cr from Kotak Real Estate Fund

New Delhi, Oct 22 (PTI) Realty firm Elan Group has raised Rs 1,200 crore from Kotak Real Estate Fund for its growth and expansion.

The fund will be utilised as growth capital, enabling the company to further strengthen its presence in Gurugram's prime real estate market.

In a statement on Tuesday, Elan Group said it has "secured an investment of Rs 1,200 crore from Kotak Real Estate Fund".

"This investment marks a pivotal moment in our growth journey, enabling us to strengthen our footprint in Gurugram's real estate market. With this financial boost, we will continue to build on our success and deliver exceptional real estate experiences," Akash Kapoor, Director of Elan Group, said.

Sandeep Agarwal, CFO of Elan Group, said that this strategic investment reinforces the company's commitment to deliver world-class residential, commercial and hospitality projects.

"With this financial backing, we are well-positioned to fast-track our ongoing projects and embark on new and innovative developments that will further elevate the quality and scale of our offerings. The infusion of capital will allow us to push the boundaries of design and construction, ensuring that our projects not only meet but exceed the expectations of our customers," Agarwal added.

Vikas Chimakurthy, CEO of Kotak Real Estate Fund, said the company has partnered with Elan Group, a company that has demonstrated tremendous growth and market potential.

Recently, Elan Group awarded two construction contracts worth about Rs 2,000 crore to Leighton Asia for the construction of its luxury residential project, Elan The Presidential in Sector 106, Dwarka Expressway, and its new luxury commercial project, Elan Imperial in Sector 82, Gurugram.

Elan Group's portfolio consists of 15 projects in the housing, retail, office and hospitality segments. These projects spread across Gurugram and New Delhi, offering a built up area of about 25 million square feet.