Prateek Group secures ₹275 cr for realty project

In order to complete its on-going real estate project named as Prateek Grand City' at Siddharth Vihar in Ghaziabad entailing an estimated investment of ₹5,000 crore, Prateek Group has secured ₹275 crore from Piramal Capital and Housing Finance for completing its 40-acre housing project at Ghaziabad on the outskirts of Delhi, Group Chairman Prashant Tiwari said, elaborating that the company would develop 7,000 units in this project in two phases and has already launched the first phase of 4,500 units. About 3,000 units have already been sold despite demand slowdown and housing units in the first phase of the project would be delivered by 2019-end. In the first phase, the company launched units in the price range of ₹28-63 lakh and that the Piramal Group had earlier invested ₹200 crore in another residential project of the group 'Prateek Edifice' at Noida's sector 107, he said.