VGN secures Rs. 110-cr for realty project

VGN Property Developers, which is a Chennai-based renowned real estate builder, has recently secured Rs 110 crore from NBFC, Xander Finance to build its upcoming residential projects in the city. The funds will be used for developing VGN Cosmopolis, a plotted development project in Ambattur area of Chennai. The player is building a 20-acre plotted development and Xander Finance has invested at the land level, said managing director, VGN Property Developers, Pratish Devadoss, claiming that the VGN Cosmopolis will have plots starting from 753 sq ft, which will be sold at Rs. 5,600 per sq ft.at Amar Merani. The CEO at Xander Finance, an Indian NBFC arm of multinational investment firm Xander Group, also confirmed the transaction. Prior to this year, Xander Finance had invested Rs 130 crore in a residential project of Bengaluru-based Adarsh Developers, he said.

Published: 10 June 2017