Kotak Realty Fund has invested Rs 110 crore in Parsvnath Developers' 130-acre township-cum-plotted development project at Sohna in the National Capital Region (NCR), sources concerned said.
The transaction had been awaiting the clearance of a new area master plan for Sohna, which was finally notified this month. Gurgaon in NCR, too, has a new master plan outlining the development and growth plans for the area.
Notification of the new area plan offers much relief to investors in real estate, as it brings clarity on which land can be developed and for what use, said Rajeev Bairathi, Director, DTZ International Property Advisors.
Bairathi said that investors may not want to be part of deals where the land is not notified due to the risk associated with it. Once notified, there’s a clear idea on the kind of investments and infrastructure the government would make, he added. Likewise, developers would also be able to attract more customers for projects once this notification process is done.
S Sriniwasan, Chief Executive of Kotak Realty Fund, confirmed the transaction but declined to disclose more details.