Gurgaon-based Vatika Group has raised Rs 700 crore from a non-banking financial company, Altico Capital to develop its flagship residential township project ‘Vatika India Next’ of 3 million sq. ft. size.
Till now, Rs 475 crore has already been invested by Altico. As the project will undergo several stages of development the rest of the funding will be deployed. Spread over 623 acres, this project includes development of social infrastructure including school, retail spaces and medical facilities.
According to Altico, the main purpose of this investment to build residential, retail and office spaces with the commencement of specific projects that includes a 14-screen PVR multiplex, a mid-market group housing project, Tranquil Heights and a commercial project. The later plan is to extend it by one million sq ft in phases.
“The investment aims to underwrite projects within a township development wherein catchment and marketability has been established. It also underscores the confidence of institutional investors to back Tier I developers who have focused on home deliveries and operating in midmarket segments in key micro markets of major metro cities,” said Sanjay Grewal, CEO, Altico Capital.
Vatika has been going strong with its delivery of around 42 million sq. ft. and many underdeveloped projects spread over 50 million sq. ft. aiming to build residential townships, offices and hotels. Previously, the realty firm tied up with investors like Piramal Fund Singapore’s GIC.
Source: ET Realty