Altico infuses Rs. 300-cr in realty projects

In its bid to ensure sufficient funding flow to Phoenix Group housing projects, Altico Capital, has provided a credit line of upto Rs. 300-cr to Hyderabad-based real estate developer. The financing will be made in tranches and is proposed to be used by Phoenix Group largely towards refinancing of some existing lenders and for construction funding across two of its projects including Halcyon, its residential project in Jubilee Hills and a commercial development at Hafeezpet, CEO, Altico Capital, Sanjay Grewal said, adding that the decision on this score is largely based on the past track record of the group, location of the projects, product offering, and stage of construction, as the key reasons for Altico's investment with the group. While Halcyon is a premium development which has received good sales response from customers at a much sought-after location in Jubilee Hills, Trivium, which is a commercial project of around 1 million sq.ft located at the growing micro market of Hafeezpet and is pre-leased to a well-known international BPO firm, he claimed.