Piramal Enterprises today said it will invest Rs 280 crore in realty player Puranik Builders' residential project in the neighbouring Thane district.
The company, through its subsidiary Piramal Finance (PFL) will invest Rs 280 crore in Puranik's flagship project 'Puranik City Reserva' in Thane.
"We hope this will be a long and rich relationship with the Puranik Group, which has a demonstrated track record of execution in the Thane micro market. We look forward to enabling the growth of the Group with our offerings across both the wholesale as well as retail business," Piramal Finance Managing Director Khushru Jijina said in a statement issued here.
PFL, through its entire suite of products, is following a financial partnership model, by extending holistic solutions to developers right from early stage equity to late stage debt, construction finance, lease rental discounting as well as bulk buying apartments.
Commenting on the deal, Puranik Group Managing Director Shailesh Puranik said, "This transaction will help us to achieve a complete financial closure for the project. We firmly believe that the market today presents attractive opportunities and we look forward to relying on the Piramal platform's experience and expertise as a lender of choice as we chart out our own path towards further growth."
Puranik City Reserva, a unique theme-based ongoing project at Ghodbunder Road, being developed on 13 acres of land with 2.2 million sqft development potential worth Rs 2,000 crore and is expected to be completed over the next 6 to 7 yrs.
The realty player has so far developed over 5 million sqft of real estate and is currently developing around 15 million sqft in Thane, Pune, Lonavala, Karjat and Mumbai suburbs.
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