Altico Capital invests Rs 100 crore more in Pune realtor Pharande
In the middle of an ongoing liquidity mayhem and credit squeeze, Abu Dhabi Investment Councilbacked real estate-focused non-banking financial company (NBFC) Altico Capital India has extended funding of ₹100 crore to Pune-based realtor Pharande Group, said two persons with direct information of the development.
“The new funding is a top-up transaction as the developer is an existing borrower of Altico. This is an extension of an existing relationship,” said one of the persons mentioned above.The NBFC, promoted by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners, has so far sanctioned Rs 600 crore towards the group’s projects through multiple transactions and has achieved exits in some of them. The latest funding has been made for a tenure of five years.
Pharande Group, through the latest transaction, has tied up construction funding for an additional phase of its ongoing residential project Puneville located at Punawale on the outskirts of Pune city in the PCMC area.
The group is developing affordable one and two-bedroom apartments with prices starting from Rs 30 lakh. It also has residential apartments with three and four-bedroom configuration targeting mid-income group.
The residential township project has around 3 million sq ft saleable area. The construction of the project started in 2016 and is scheduled to be completed by 2024 in multiple phases.