Puranik Builders raises Rs 300 cr from KKR

Puranik Builders has raised Rs 300 crore from global private equity (PE) player KKR to fund two residential projects in Pune.

"Puranik has signed a definitive agreement with KKR under which the developer will receive Rs 300 crore for the financing of two residential projects in Pune - Abitante and Aldea Espanola," the company said in a statement here.

"We consider this Rs 300 crore of funding as growth capital which will take the group to the next level and enable Puranik to achieve exponential growth," the company's Managing Director Shailesh Puranik said.

KKR finances projects from its real estate-focused non-bank finance company (NBFC), a vehicle which counts GIC of Singapore among its partners.

"We believe that the residential market in the Pune area offers compelling opportunities. We look forward to extending our relationship with Puranik and exploring opportunities with the group in future," KKR's director Yesh Nadkarni said.

Construction on both Aldea Espanola and Abitante projects - in Baner and Bavdhan - are currently underway and the company has so far completed and delivered three phases of construction in Aldea Espanola and expects to complete the remaining 3.5 million sq feet of construction for both projects, worth Rs 2,500 crore, in next 5-6 years.

Puranik has so far developed over 5 million square feet of real estate and is developing an additional 15 million sq ft.