Piramal Fund Management (PFM) on Monday said it sanctioned Rs 1,200 crore in financing for a high-end residential project being developed by Omkar Realtors in Mumbai.
Of the total commitment, Rs 400 crore will be used to refinance existing lenders, while the balance Rs 800 crore has been secured against a 20:80 scheme and is to be released in a staggered manner over the next two years as the project progresses, PFM said in a statement in the financial capital.
The Fund, a unit of Ajay Piramal-led Piramal Enterprises, claimed it was one of the biggest realty project finance transactions in recent times.
`Omkar 1973' is the flagship property of the city-based realtor involving three high rise towers coming up on a nine-acre land parcel in Worli, Central Mumbai.
Over 4 lakh sq ft, or 60 per cent of the under-construction project, has already been booked, the statement said, adding the builder was targeting for a delivery in 2017.
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MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.
Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.
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