Indian billionaire Uday Kotak's property fund to raise US$200m

[SINGAPORE] Kotak Investment Advisors Ltd, which manages US$1 billion in real estate assets, plans to raise US$200 million for a private equity fund that will invest in residential properties in India's biggest cities.

The company, owned by billionaire Uday Kotak, raised US$200 million from overseas investors last year for the fund and will complete raising a similar amount by May this year, said V Hari Krishna, a director at Kotak Investment.

The fund will invest in residential markets in cities including Mumbai, Delhi, Bangalore and Pune, he added.