Published On:December 24 2015
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Prateek Group raises Rs. 100 crore for its Ghaziabad township project.
Real estate developer Prateek Group has raised Rs. 100 crore from investment firm Xander group's NBFC arm Xander Finance for a township project it is building in Ghaziabad.
The 40-acre township, called Prateek Grand City, is located in the Siddharth Vihar area of Ghaziabad adjoining NH-24 where the builder has planned 7,000 apartments, of which 3,000 have already been launched. Prashant Tiwari, chairman of Prateek Group, said the company will use the money raised from the structured debt deal to pay for the land and construction.
In Ghaziabad, payment for land bought from Ghaziabad Development Authority can be made over five years.
'We invested in the project because we saw consistent sales happening in the project on a month-on-month basis even in the current slow environment,' said Amar Merani, chief executive officer at Xander Finance. 'This money will help the builder speed up construction and deliver on time.'