Kotak Bank Invests Rs 400 Million into Spanish-Themed Residential Haven, EVITA
The Hindu
Kotak Bank injects INR 400M into EVITA residential project, a 2.8 lakh sq.ft. Spanish-themed luxury residence in North Chennai. 226 lavish 2 & 3 BHK homes, Vastu compliance & premium amenities.
In a significant move signalling confidence in real estate, Kotak Bank has injected a whopping INR 400 million into the EVITA residential project, a joint venture between HiLiving Projects and Royal Land Developers. This development comes as a major boost for the Spanish-themed luxury residences sprawling across 2.8 lakh square feet in North Chennai.
Designed to encompass 226 lavish 2 & 3 BHK homes, the EVITA project stands as a beacon of opulence and comfort in a bustling metropolis. Emphasising Vastu compliance and an array of premium amenities, the residences promise an elevated living experience for its future inhabitants. Naman Bagmar, the Director of the ongoing venture, expressed confidence in expediting the project’s completion. He noted that Kotak Bank’s infusion will catalyse construction, aiming to deliver these upscale apartments by the close of fiscal 2025.
“The faith reposed by Kotak, further reiterates the group’s strength in raising capital from the market. With fund backing from large banks like Kotak, the group is foraying into newer markets with its robust lineup of real estate developments,” said Praveen Kumar Darda , managing Director of Hiliving Group
In addition to expediting the project timeline, the collaboration with Kotak Bank is anticipated to slash capital costs by an impressive 30-35 per cent in the ongoing fiscal year. Vimal Kummar Jain, Director at Hiliving Group, expressed optimism about future growth despite potential economic turbulence, attributing this confidence to a strong sales pipeline and efficient project delivery mechanisms.
The move signifies not just a financial transaction but a vote of confidence in the real estate sector, showcasing the industry’s resilience and potential for growth. As EVITA takes shape under the aegis of Kotak’s investment, it not only promises luxurious living spaces but also stands as a testament to the robustness and innovation driving real estate developments in today’s market.
RERA Number: TN/29/Building/ 0298/2023
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