HDFC injects ₹200-cr in real estate project

The Housing Development Finance Company (HDFC) has extended ₹200 crore funding to realty developer DivyaSree Infrastructure Projects for construction of a part of the commercial project Technopolis in Bengaluru. The non-banking finance company will charge below 11% interest for the loan with a total tenure of 48 months. The construction finance loan is expected to be repaid in one single bullet payment of ₹200 crore at the end of 48 months from the date of the first disbursement or earlier at the option to be exercised by HDFC. The loan will be serviced through monthly interest during this period. The Bengaluru-based real estate developer will be investing the funds for the construction of nearly 1 million sq ft development spread over 10 floors of Technopolis project. The office building has been designed and is being constructed as a built-to-suit project for a specific customer. Technopolis is a 68-acre mixed-use project with a total development potential of 5.5 million sq ft, including commercial office spaces, residential villas and luxury apartments.