Kotak Realty Fund Group, a division of Indian financial institution Kotak Mahindra Bank, has invested in a 700,000 square foot development in Noida. The size of the investment was not disclosed.
The project, Green Boulevard, is set to be one of the first ‘green’ developments in India. The IT-focused commercial facility has recently become operational and has received leasing commitments from global occupiers such as Sapient and Accenture. The project is awaiting the highest LEED certification from the US Green Building Council, which would make it one of the country's first 'green' developments. The project is being developed by the 3C Group, which is active in India’s National Capital Region.
The investment was made through Kotak India Real Estate Fund I, one of the two closed-ended funds managed by Kotak Realty Group. The fund has assets under management of Rs. 4,570 million ($104 million), raised from domestic institutions and high net worth individuals. The firm also manages Kotak Alternate Opportunities (India) Fund, which has raised Rs.15,780 million raised from domestic high net worth individuals.
The Green Boulevard is situated in Sector 62, an emerging technology hub in the heart of Noida. The site is located near some noteworthy development projects like SHIPRA, the CSC campus and Corenthum.