Prateek group, the developer has sought a fiscal support of worth Rs. 275 crore from Piramal Capital and Housing Finance for its ongoing residential project in Siddharth Vihar, Ghaziabad. The project named Prateek Grand City is spread over 40-acres and is estimated to have an investment of worth Rs. 500 crores.
Prashant Tiwari, the Chairman of Prateek group said that the company has raised Rs. 275 crore from the Piramal group for this project and they plan to construct 7,000 housing units in two phases at Prateek Grand city. The company launched the first phase of 4,500 housing units and has sold 3,000 units. The first phase of Prateek Grand city is scheduled to be delivered by 2019-end.
These housing units cost between Rs.28-63 lakh and the Piramal Group earlier invested Rs 200 crore in Prateek Edifice another residential project of Prateek group which is located in Sector 107, Noida and is about to be complete. The Prateek group is looking forward to pay-off the money raised for this project by the Piramal group at the earliest.
Apart from these two, Prateek Group also has various other projects in Noida, Greater Noida and Ghaziabad. The financial funding to various realtors by Piramal Capital and Housing Finance has helped people take possession of homes by offering financial funding to various realtors.
Piramal Group offers financial funding to companies in multiple sectors like pharma, financial services, information management, real estate and glass packaging. Apart from this, the Piramal housing and finance offer private equity, structured debt, senior secured debt, construction finance as well as Flexi Lease Rental Discounting, particularly in the real estate sector.