To aid the completion of Marina Mall in Chennai, Kotak India Real Estate Fund has invested Rs 244 crore in OMR Mall Developers Pvt. Ltd. (OMRD), said a top executive of developer Allied Housing.
“We have raised Rs 244 crore from Kotak India Real Estate Fund through the issue of secured non-convertible debentures and the funds would be used for the early completion of the Marina Mall on OMR,” said A. Abdul Wadood, MD, Allied Investment and Housing (Allied Housing).
The 5.40 lakh sq.ft. mall would also house a 126-room hotel and the developer has 33% stake in the project.
The mega shopping mall has been promoted by the landowner Mukrim Habeeb and family and developer Allied Investments and Housing Pvt. Ltd (Allied Housing), and co-investors Syed M Salahuddin and Syed Abdul Cader.
Wadood said, “We have already leased out 60% of space. It will be completed in 8 to 10 months. We are also entering the affordable housing segment soon. Currently, we are exploring the possibility. We will use 1.5 lakh sq.ft of space at Nazarthpet to build 350-400 units.”