The Piramal Fund Management, the real estate investment arm of Piramal Enterprise, has recently infused Rs. 425-cr as construction finance for realty developer Vatika Group's commercial project One on One in Gurgaon. The project, being developed on 13 acre land parcel along NH-8, is estimated to have 2 million sq.ft commercial space and is being developed in phases and two towers of the project's first phase are currently under construction. The latest is the Piramal Fund Management's third transaction with the Gurgaon-based real estate developer as in the recent past it cleared Rs. 150-cr construction finance facility for the developer's commercial project in Faridabad. The funding infusion is said to be in the form of construction finance debt, and disbursement would be milestone linked, Managing Director, Piramal Fund Management, Khushru Jijina said elaborating that Vatika is a premier Tier-I developer in NCR and is focused on development of Grade A commercial properties and township developments and the funding is in a city-centric project and the investment will be used to achieve financial closure of the project.
📅Published on:
31 December 2016
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