Sikka realty seals Rs. 230-cr funding deal

Ensuring smooth flow of funds to its upcoming real estate projects in Noida in the NCR region, realty firm Sikka group has generated Rs 230 crore as debt to complete its three housing projects. The Delhi-based real estate firm is developing over 3,300 housing units in these three projects. With demand slowdown in the property market, cash-starved real estate developers in the Delhi-NCR are raising fund from banks and private equity players to complete their projects and handover housing units to customers, Group director Gurneet Singh Sikka said elaborating that the company would complete construction of over 3,300 flats, comprising 45 lakh sq ft of saleable area, using this fund. The company is developing two projects on Noida Expressway totaling to 2,950 flats. The construction work on these two projects is at advanced stage and delivery will start in the last quarter of this year itself.