Piramal Group Funds Prateek Group
Realty firm Prateek Group had launched its 40 acre housing project ‘Prateek Grand City’ at Siddharth Vihar in Ghaziabd with an estimated investment of Rs.5,000 crore in August 2014. Piramal Group Funds Prateek Group. For this ongoing project which they have raised Rs 275 crore from Piramal Capital and Housing Finance, said Prateek Group Chairman Prashant Tiwari.
The company would develop 7,000 units in this project in two phases. The first phase of 4,500 units have been launched by the company in the price range of Rs28-63 lakh.. About 3,000 units have already been sold despite demand slowdown. Piramal Group Funds Prateek Group. The company would deliver the first phase by 2019-end.
Piramal Group had earlier invested Rs 200 crore in another residential project of Prateek Group ‘Prateek Edifice’ at Noida’s sector 107. This project is near completion and they will soon give exit to Piramal Group in this project by repaying their investments.
Prateek Group is developing various other projects in Noida, Greater Noida and Ghaziabad.
Prateek Group’s project has continued to witness strong sales momentum in light of a low ticket size, prime location, steady construction progress and developer track record,
Piramal Capital and Housing Finance is funding in a big way to real estate developers, which are facing cash-crunch because of sluggish housing sales. The real estate market, especially residential segment, is facing a multi-year slowdown.
Piramal has also committed ₹850 crore to M3M India Pvt. Ltd for its mixed-use project on Gurugram’s Golf Course Extension road. The project has premium residential units and a mix of retail, food and beverage and entertainment outlets. Piramal has shifted its focus from pure-play residential assets in Gurugram to mixed-use or commercial office projects in the last two years.
Piramal has actively invested in NCR and provided a lot of support to developers, which has helped in stepping up the pace of construction in those projects. Read more