Altico Capital invests Rs 400 crore
Altico Capital has invested Rs 400 crore in two separate projects of Pune-based Pharande Projects and Noida-based Panchsheel Buildtech. Both the projects with a total 7.5 million sq ft saleable area are currently at an advanced stage of construction.
Under these investments, the non-banking financial company (NBFC) has extended debt of Rs 175 crore in Pharande Puneville, at Punawale off Mumbai-Pune Highway and Rs 225 crore in Panchsheel’s Greens II project at Noida Extension in Greater Noida.
“In terms of absorption, Greater Noida is the largest micro-market in NCR. Also, while the Noida market has seen a slowdown in sales, Greater Noida, and more specifically Noida Extension within that, has seen uptake in sales as well as a reduction in inventory overhang over the last one year owing to the affordable ticket sizes in this location,” said Sanjay Grewal, CEO, Altico Capital.
Panchsheel Buildtech’s under-construction project Greens II has aggregate saleable area of 5.5 million sq ft, with 4,200 residential apartments across 28 high-rise towers and 200 villas. The project has received all approvals and around 55% of the units have been booked. Construction is at advanced stage with more than half the project cost already incurred and few towers close to delivery.