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Altico Capital invests Rs 130 cr in Hyderabad, Mumbai
Altico Capital, a non-banking financial company backed by Clearwater Capital Partners, has invested Rs 130 crore in two residential realty projects in south Mumbai and Hyderabad.
The NBFC has invested over Rs 100 crore in realty developer Rajesh Lifespaces' residential redevelopment project at Churchgate in south Mumbai. It has also disbursed Rs 30 crore term loan against a project of Mantri Developers in Hyderabad, marking its entry into the property space.
The Mumbai project funding, which is made through a structured transaction, will be used towards joint development deposit of the oject that has a total development potential of saleable area of around 1 lakh sq ft.
Through this investment, Altico Capital has underwritten the residential project near Wankhede stadium that will have configurations of three and four-bedroom apartments. “This is a unique opportunity to participate in a South Mumbai residential project located at a prime location within the CBD region of the largest cosmopolitan city of India with an established and a credible partner,“ said Sanjay Grewal, CEO of Altico Capital.
Separately , Altico Capital has entered into an agreement with Bengaluru-based Mantri Developers to disburse `30 .crore term loan facility against one of its late stage projects at Hyderabad.
The project, measuring more than 1 million sq ft, is based near Gachibowli in Hyderabad and will primarily consist of two and three bedroom-apartments. This is Altico's first transaction in the Hyderabad market.
This is Altico’s first transaction in the Hyderabad market. “Our foray into Hyderabad real estate market establishes Altico’s footprints in all the Tier I cities, and with improved stabilisation in this market, we plan to increase our exposure here,” Grewal said.