Renowned investment firm, Altico Capital has recently announced to invest Rs 120 crore in a Century Group’s affordable housing project. The project ‘Century Greens’ is located in at North Bengaluru and is a plotted development. The plots are priced between Rs 25-50 lakh. This is the second time, the NBFC has partnered with the Bengaluru-based real estate firm.
Giving more information on the above, Sanjay Grewal, CEO of Altico Capital said, “We are delighted to partner again with a strong group like Century with whom we have a history of successful exits. The new investment is against an ongoing plotting project which fits into our philosophy of investing in affordable and mid-market projects of ticket sizes below INR 50 lakhs,”
Earlier in 2015, the NBFC had co-invested Rs 765 crore in Piramal group’s various residential projects.
The Group has recently also sanctioned a facility of Rs 450 crore across five transactions thereby underwriting a total saleable area of 6.3 million square feet. These 5 projects will be located at brownfield, north, northeast and Whitefield area of Bengaluru. Of all five, the project at brownfield will be a luxury one, while rest all four fall in mid-income and affordable category.
The real estate market of the IT City has shown a lot of positive response in both demand and supply. It has witnessed a remarkable comeback in H1 2018 on both parameters. The city saw new launches of approx. 15,500 units in H1 2018 (up 11% year-on-year) and sales of about 25,800 units in H1 2018 (up 22% year-on-year).
Seeing this trend, Altico Capital has decided to scale up their exposure in the city. The group was incorporated as a private limited company on January 28, 2004, by the name of Clearwater Capital Partners India Private Limited.