Motilal Oswal Alternates (MO Alts), the private equity arm of Motilal Oswal Financial Services Ltd, has invested ₹260 crore ($31 million) in property developer Urbanrise-Alliance Group for the company’s two new projects in Bengaluru and one in Hyderabad.

The projects will span a total saleable area of 6.2 million sq.ft. and are expected to generate revenue of ₹4,600 crore. These include a villa project on Kanakapura Road, and a high-rise apartment project in Whitefield in Bengaluru and another apartment project in Nizampet, Hyderabad.

Motilal Oswal’s funding of Urbanrise-Alliance projects is “testimony to the financial discipline and stability that the organization has always displayed,” the company said.

“We continue to remain bullish on the mid-income housing segment in India. We hope that this investment forms the foundation of a long-standing partnership with the Alliance Group,” said Sharad Mittal, executive director and chief executive officer of real estate funds, MO Alts.

Bengaluru-headquartered Urbanrise-Alliance Group has a presence in Chennai, Hyderabad, and Bengaluru.

The company claims to have delivered over 7,500 homes so far. It has more than 54 million sq.ft. of projects under development at various stages and a real estate portfolio worth ₹33,000 crore.