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Altico capital invests Rs 180 crore in two Pune projects
Non-banking finance company Altico Capital has invested Rs 180 crore in two projects of Pune-based realty developer Pharande Group.
The proceeds of the funding, to be made in tranches, will be used by the developer for refinancing an existing lender and for construction of projects.
"The locations of these projects, the product offering and current stage of development were the key reasons for Altico's interest in the projects. Pune is a key market for us and outside the Pharande transaction, we plan 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," Sanjay Grewal, CEO, Altico Capital, told ET.
The investment has been made against two brownfield residential projects 'L-Axis' and 'Woodsville-III' in and around Pune's Spine Road. Both the projects are under construction ones with around 7 lakh sq ft free sale area in each project.