PNB Housing to Fund Rs 300 cr to Parinee Group

PNB Housing Finance has signed a deal of over Rs 300 crore with Parinee Group to help develop a commercial project. The investment will happen in stages over the four years of period.

The funding will be used to complete and deliver Parinee Group’s latest office complex project, Parinee I, built on almost 1 acre of land parcel in Andheri, western suburb of Mumbai. This commercial project will be constructed over 5 lakh sq. ft. with a 30-floor building plan. Reportedly, around 1.75 lakh sq. ft. of office space is already sold to two movie production companies and few small and medium enterprises.

The company has a plan to give 75,000 sq. ft. of office space for lease. Half of the RCC work is completed by developers after all the requisite approvals.

Like many other real estate developers, Parinee Group is going to reduce its interest burden from previous loans by paying Rs 145 crore. The construction company has completed almost 1.5 million sq. ft. commercial and residential projects since its inception and eyed on finishing another 2.5 million sq. ft. under construction projects across Mumbai including Worli, Khar West, Andheri West, Juhu, Kandivali West and Borivali West.

Source: ET Realty

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