Real estate developer Prestige Estates Projects (PEPL) will float a joint platform with Kotak Realty Fund (KRF) for development of residential projects. The platform has a corpus of Rs 4,100 crore (500 million USD).

The partnership will enable KRF to create investment streams and Prestige to engage in development side of the projects. Four projects have been identified, of which three are in Bengaluru and one is in Chennai. PEPL already has a presence in Mumbai and Hyderabad markets, and the company is looking to gain a headstart in the NCR and Pune region.

With a project pipeline of 73 million sq ft, PEPL intends to deliver new launches at over 30 million sq ft over the next three years. The company expects to spend Rs 2,500-3,000 crore annually on new project additions.

Kotak Investment Advisors (KIAL), the parent company of KRF, has recently invested Rs 1,100 crore in Bharat Hotels, the owner of LaLiT Hotels.