Altico infuses Rs.370-cr in Sheth group

Altico Capital has agreed to extend credit line of Rs.370-cr to Sheth group, thereby facilitating the latter to complete its projects in and around Mumbai. This has signaled that the offshore player is pushing funds with renewed interest in the country's real estate as activities in the sector recovering fast amid economic optimism. The loan would be in two to three tranches as it has already disbursed nearly half of the sum and the loan has a tenor of about 15 years with interest rates in the range of 17-17.50%. The developer will be utilizing the funds mainly for the construction of a residential project at Zuri, in Thane, with a development potential of 0.6 million sq.ft which will be part of a large layout. At the same location, Sheth Corp has already delivered over 1.5 million sq.ft of residential projects and 1 million sq.ft of retail project 'Vivana Mall', which the developer now jointly owns with GIC of Singapore. According to the CEO of Altico Capital, Sanjay Grewal, the company has always preferred to be associated with developers who have established their execution track record and the Sheth Corp commands over 12 million sq.ft delivered assets across residential, commercial, and residential segments, he claimed.