Altico Capital, a non-banking finance company (NBFC) sponsored by Clearwater Capital, has planned to invest Rs 180 crore to support the construction of a residential project developed by Sheth Corp. The NBFC has extended the financing through long-term debt instrument.
Presently, most of the developers are turning to NBFCs and private equity investors to fund their ongoing project. Following the similar trend, Sheth Corporation collaborated with Altico to finance their residential project named as Zuri located in Thane.
The project, spread over 0.6 million sq. ft., is a part of a larger layout developed by the same company. It has received a great amount of response at the time of its pre-launch which enhances its marketing value. The fund will primarily be utilised for the construction.
“We have always preferred to be associated with and finance developers who have established their execution track record. Sheth Corp is promoted by Ashwin Sheth who is an established developer in Mumbai with over 12 million sq ft delivered assets across residential, commercial and residential segments,” says Sanjay Grewal, CEO, Altico Capital.
Source: ET Realty