Shri Group has successfully secured a substantial sum of Rs 80 crore from Edelweiss, utilizing a structured bill and construction financing framework via their trading account specifically for a housing project located in Greater Noida West.
This funding is earmarked for various purposes, including making payments for land, facilitating the construction of housing units in Greater Noida, and addressing additional corporate financial requirements.
Sudeep Agarwal, the director of Shri Group, confirmed the transaction, noting that the company has already received Rs 40 crore, with another Rs 20 crore expected to be transferred shortly. He emphasized, "We have to take a responsibility on the rest of the money."
Agarwal also highlighted that the first phase of their notable project, Shri Radha Aqua Gardens, is on track for completion in the near future, supported by the funds received. Subsequent phases of the project are also in the pipeline.
Additionally, he remarked that certain projects in Greater Noida West are already prepared for possession, with occupancy exceeding expectations. He stated, "Buyers are not less in the real estate market. It is only that people are not able to take buying decision so far." He expressed optimism, indicating, "The sketch has started to change and that is what gives us strength and confidence to launch the next phase of our project."
An official spokesperson from Edelweiss acknowledged the transaction but refrained from providing further comments regarding the deal.
In terms of market performance, year-over-year sales in the NCR region have surged by approximately 33%, while Mumbai experienced a 12% rise. However, Bengaluru saw an 18% decline in sales. It is noteworthy that while prices in Mumbai remained relatively low, the NCR region witnessed a price increase of up to 3% compared to the previous year.