Puranik Builders gets Rs. 300 cr of realty investment through KKR’s NBFC

Global private equity major KKR’s non-banking financial company (NBFC) has approved an investment of Rs 300 crore in two under-construction residential projects of Pune-based Puranik Builders -Abitante and Aldea Espanola being developed in Pune’s Bawadhan and Baner locality .

This is KKR’s first exposure to Pune real estate market. The NBFC KKR India Assets Finance Pvt Ltd will remain invested in both the projects until completion over a period of six years, the financing terms read. “We are excited to partner with Puranik and help them engage in innovative, theme-based residential developments.” said Sanjay Nayar, CEO of KKR India.

The two projects are spread over a total area of 4 million sq ft where 1.5 million sq ft is Aldea Espanola and 2.5 million sq ft is taken by Abitante. Puranik developers has already completed and delivered 0.5 million sq ft of Aldea Espanola, while the construction of Abitante has commenced recently. While Aldea Espanola is a premium residential building in Baner conceptualized in the Spanish style of architecture and interiors, Abitante is an Italian-themed residential project spread over 45 acres in Bawadhan.

Shailesh Puranik, MD, Puranik Builders, said, “We will be using these funds as growth capital to take Puranik group to the next level and exponential growth predominantly in residential development. An association with global investors like KKR would certainly help us strive for best results. We aim to continue enhancing our execution capabilities and deliver as per schedule.”

Puranik Builders has developed over 5 million sq ft of real estate since its inception nearly five decades ago and presently has major on-going projects in Mumbai, Thane, Karjat and Lonavala.