Prestige Estates Projects has signed a deal worth 20 billion rupees (US$240 million) with the Abu Dhabi Investment Authority (ADIA) and Kotak Alternate Investment Fund to develop residential projects in India. ADIA and Kotak AIF will hold the majority of the 60-40 partnership.

The funds will be for projects in Bengaluru, Mumbai, Goa and the National Capital Region, with a combined gross development value of more than US$2.16 billion, reported Reuters.

This investment marks ADIA’s maiden venture into India’s residential real estate market, according to livemint. The four projects will total about 1.3 million square metres.