Dalmia Nisus Finance Investment Managers, an alternative asset manager of the Nisus Finance Group, said on March 15 it has invested Rs 125 crore in two real estate projects being developed by Puranik Builders.
The two projects – Rumah Bali and Tokyo Bay – are located in the Ghodbunder Road area of Thane near Mumbai.
Puranik Rumah Bali is spread across 15 acres adjacent to Ghodbunder Road with a total development potential of 1.6 million sq. ft. The project has a mix of commercial office space and affordable residential units and is expected to be completed by 2027, Nisus Finance said in a statement.
Puranik Tokyo Bay is a part of a 15-acre plot near Anand Nagar in Thane West, with a total development potential of 1.6 million sq. ft. The project has affordable residential units in varying sizes and is expected to be ready by 2025.
The cost of both projects is Rs 630 crore, of which Nisus is funding Rs 125 crore; repayment is scheduled in three years.
Also read: Nisus Finance invests Rs 60 crore in EON Group's Mumbai real estate project
“We are glad to join hands with Puranik Builders for their flagship projects in Thane, catering to the vibrant mid-income housing demand. PBL has over 30 years developed landmark housing projects catering to the core residential segment in and around Thane,” said Amit Goenka, CEO of Nisus Finance.
“These integrated developments provide an unparalleled work, live and play environment to the residents in a strategic location of Thane. We are glad to partner with Nisus Finance and the Dalmia Nisus Fund who have a deep understanding of the asset class, have fast-paced completion and delivery as their capital objective and strong integrity and ethos,” said Shailesh Puranik, managing director of Puranik Builders.
Also read: Nisus Finance to invest Rs 1,400 crore in Indian residential sector; to foray into Kolkata, Chennai
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