Abu Dhabi Investment Authority and Kotak Alternate Investment Fund have inked a 20.01 billion rupee (about $240 million) agreement with Indian real estate developer Prestige Estates developments. Additionally, they aim to develop residential developments in the nation.
The agreement, with a combined gross development value of over 180 billion rupees ($2.16 billion), aims to create residential projects in “prominent locations” around the Indian cities of Bengaluru, Mumbai, Goa, and the National Capital Region. Prestige said in a stock exchange filing on Monday.
Prestige was the biggest gainer on the Nifty real estate index, which was up 1.6%, rising by almost 5% at 1,225 rupees in early trade.
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