In Noida, Prateek Group, a respected builder, has secured an investment amounting to Rs 200 crore from Piramal Fund Management. This significant financing is directed towards the luxurious project named Prateek Edifice, currently under construction in Sector 107 of Noida.
An insider familiar with the transaction, who wished to remain anonymous, shared insights, stating, "The partners have entered into a critical relation and plan to broaden it in future."
This marks the third fundraising effort by the Prateek Group in just seven months. Previously, in December 2015, the developer raised Rs 100 crore from Xander Group’s NBFC arm, Xander Finance, for a township project being developed in Ghaziabad. Additionally, the group secured Rs 135 crore from India Bulls Housing Finance for another project, Prateek Wisteria, located in Sector 77 of Noida.
Piramal Fund Management is emerging as a major player in the real estate investment landscape in India, boasting a substantial portfolio with Rs 22,000 crore allocated towards residential sector loans and investments. Recently, they invested Rs 425 crore in the Lodha Azzuro project situated in Central Mumbai, further highlighting their growing influence in the market.
In recent years, Piramal Fund Management has introduced various new funds, such as the Apartment Fund and Mumbai Redevelopment Fund, further expanding its investment avenues. According to data from VCCEdge, between January and March of 2016, approximately $410 million was invested across residential, office, and retail projects, a marked decline compared to the $680 million figure from the same period the previous year.