VGN Property Developers signs a financial deal worth Rs 110 crore with Xander Finance, a non-banking finance company (NBFC), to complete the development of residential project VGN Cosmopolis in Chennai.
The raised fund will be used in the construction of land plots for VGN Cosmopolis. The residential project, situated in Ambattur, is spread over an area of 20 acres. The land plot size is starting from 753 sq. ft. and will be available for sale at Rs 5600 per sq. ft.
The Chennai-based real estate developer has planned to develop around 200 acres of plots in coming years. The company has over 4 million sq. ft. of residential and plotted development under construction stage.
“We plan to maximise on the land bank and do more plotted development and also venture into commercial development,” says V Pratish Devadoss, Managing Director, VGN Property Developers.
The CEO of Xander Finance, Amar Merani has confirmed the transaction. Reportedly, the company has also invested around Rs 130 crore in a residential project developed by Bengaluru-based Adarsh Developers.
Source: ET Realty