Assetz Property raises Rs 1,000 crore to expand its residential portfolio in Bengaluru
Singapore-headquartered real estate developer Assetz Property has raised Rs 1,000 crore from financial institutions including Altico Capital, HDFC Bank and Aditya Birla Finance to expand its residential portfolio in Bengaluru.
“We have raised all the money in the last six to nine months,” AkshayDewani, chief executive officer, residential, of Assetz Property, told media. “We have raised Rs 900 crore of the total fund and an additional Rs 100 crore is in the process.”
Assetz Property will use the money to develop about 17 million sq ft of space in residential projects across Bengaluru. It will include 10,000 units priced between Rs 3,700 per sq ft and Rs 10,000 per sq ft. “The bulk of the investment will go into development of sub Rs 5,000 per sq ft projects,” Dewani said.
The fund raise comes at a time when lenders, especially non-banking finance companies (NBFCs), have become cautious, in turn slowing down the refinancing of debt of real estate developers. New funding has also been affected in the last few months due to the crisis.