Marvel Realtors, a Pune-based developer, has raised about Rs 150 crore with Piramal Fund Management to develop mid-income residential projects in Pune. According to the deal, the company has to pay 15-17 per cent interest with about five-six year maturity while paying it back.
Both of the residential projects – Isola (at NIBM Road, Pune) and Fria (at Whagholi, Pune) – have completed its first phase including final delivery. The projects are ready to go for phase II with all the approvals in place and Marvel has started construction work as well.
“We will use the proceeds for the construction of a residential project within Pune,” says Vishwajeet Jhavar, CEO, Marvel Realtors.
“We are also in discussion to raise further funds (from lenders) to support our constructions.” He added.
Earlier, the realty company has bought 3-acre of land parcel at Pune’s Boat Club Road for Rs 168 crore in an auction organized by Federal Republic of Germany. The payment of Rs 56 crore per acre is already completed.
Marvel has been a client for Piramal Group for more than four years now and during this tenure, Piramal has lent almost Rs 430 crore in four transactions.
Source: ET Realty