LIC Housing Finance invests Rs 150 crore in real estate projects

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The Housing finance arm of LIC (LIC Housing Finance) has recently announced to invest over Rs 150 crore in a portfolio of realty projects of listed entity Karda Constructions’ group company. The project will comprise of both residential and commercial units in Nashik and is being executed by Shree Sainath Land &Developers (India).

The project which is to be developed in nearly a million sq. ft. is considered as the largest financing transaction ever in Nashik real estate market. Elysium Capital Advisory, a Mumbai-based boutique real estate investment bank, acted as the sole advisor for the transaction.

According to sources, “The investment has been made as secured debt against the project with total tenure of five years and will be utilised for construction finance.”

Confirming the transaction, Shekhar Mahadik, senior finance manager, Karda Constructions said that they have recently started the construction and expect to deliver the entire project over the next five years.

“Out of total development, we have already sold 30% of commercial space and 50% of one of the residential towers launched,” Mahadik added.

With more than 2 decades in the construction industry, Karda Constructions is a well-established Nashik based company which has the forte in various residential as well as Residential cum office space projects. The group has a presence in almost all the segment housing including Low, Medium, and Premium. Till date, they have delivered over 1 mn sq. ft Carpet Area, on the other hand, 1.57 mn sq. ft area of ongoing projects is nearing possession.