Altico Capital, a non-banking financial company (NBFC), has reportedly invested Rs 400 crore in two separate projects, which are Pune-based Pharande Projects and Noida-based Panchsheel Buildtech, with a total salable space of 7.5 million sq. ft.
In continuation of backing strong developers, the company has given these extended funds of Rs 175 crore in Pharande Puneville, located at Punawale off Mumbai-Pune Highway and Rs 225 crore in Panchsheel’s Greens II project located at Noida Extension in Greater Noida. The money will be used for an advanced stage construction with disbursement period of five years.
Panchsheel Buildtech’s project Greens II has 4,200 residential apartments across 28 high-rise towers and 200 villas in the space of 5.5 million sq. ft. with all the approvals and 55 per cent of units are already booked. On the other hand, Pharande Puneville project spread across 2 million sq. ft. 18 high-rise residential towers and 1,530 units. The project has reached to advanced level of construction with already 65 per cent sold units.
Source: ET Realty