Altico to finance Mumbai & NCr projects for Rs. 130 cr

Altico to finance Mumbai & NCr projects for Rs. 130 cr

With a focus on senior secured lending to residential projects in the real estate sector across Tier-1 cities in the country, Mumbai-based NBFC, Altico Capital has closed two deals worth Rs 130 crore for residential projects in Mumbai and the NCR.

“We have closed an Rs 50 crore transaction with Noida-based Lotus Greens group for a residential project named ‘Arena I’, which is a part of a larger Sports City development in the city. And In the second deal, we have invested Rs 80 crore in Mumbai-based Shree Sai group for a residential project called ‘The Nest’ being developed in Andheri,” the company said in a statement.

“While the funding for the Arena-I in NCR will be utilised for construction of the project, Shree Sai will use the capital for refinancing the existing lender as well as for completing the construction of the project,” the release added.

“We are looking at last mile financing for projects in advanced stages of construction and sales,” Altico’s Chief Executive, Sanjay Grewal said, adding that the company will also evaluate and fund projects wherein corporate houses like  Godrej have tied up  under joint development arrangements  with existing land owners and developers to market and construct projects under their corporate brands.