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Altico invests Rs 180 cr in Pharande's 2 residential projs

July 11, 2016

Non-banking financial company Altico Capital has invested Rs 180 crore in realty player Pharande's two upcoming residential projects in Pune. 

The investment has been made in the brownfield residential projects including 'L-Axis' and 'Woodsville-III', the company said in a statement issued today.

Both L-Axis and Woodsville III, are under construction with around seven lakh sq ft free sale area in each project. The projects would cater to mid-income housing demand, offering two and three BHK configurations with unit prices starting from Rs 50 and 60 lakh.

The proceeds of the funding shall be used by the developer for refinancing an existing lender and for construction of the projects, it said.

"The locations of the respective projects, the product offering and current stage of development were key reasons for Altico's interest in the projects. Pune is a key market for us, earlier in the quarter we had completed a Rs 240 crore transaction with the Marvel Group," company's Chief Executive Sanjay Grewal said.

The company now plans to deploy an incremental Rs 400-500 crore in the next couple of months with developers focused on delivering mid-income and affordable residential projects, he added.

Pune-based Pharande has developed over three million sqft in the past.

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