Vatika Group raises Rs 425 crore
Piramal Fund Management, the real estate investment arm of Piramal Enterprise, has extended Rs 425 crore as construction finance for realty developer Vatika Group’s commercial project One on One in Gurgaon, said two persons familiar with the development.
The project, being developed on 13 acre land parcel along NH-8, is estimated to have 2 million sq ft commercial space. It is expected to be developed in phases and two towers of the project’s first phase are currently under construction.
“The deal has been inked now and the disbursement will start soon,” said one of the persons mentioned above.
“Vatika is a premier Tier I developer in NCR and is focused on development of Grade A commercial properties and township developments. He is one of our preferred partners in the region. The funding is in a city-centric project and the investment will be used to achieve financial closure of the project. This will be our third investment with the group,” said Khushru Jijina, managing director, Piramal Fund Management.