New Delhi: ICICI Prudential’s real estate fund has invested Rs one hundred fifty crore in realty firmSignature international for the improvement of ongoing and future cheap housing initiatives.
Signature international, one of the key stakeholder of monetary investment firm SMC group, is growing 4housing projects comprising of four,500 residing gadgets in Gurgaon beneath the Haryana government‘slower priced housing policy.
The company will release its fifth low cost housing project day after today, which has approximately 730gadgets, at Gurgaon in a fee variety Rs sixteen-22 lakh.
“we have raised Rs a hundred and fifty crore from ICICI Prudential’s real property fund. the quantity has been raised in debt shape at group degree,” Signature worldwide Chairman and Co-Founder Pradeep Aggarwal instructed PTI.
“The fund could be used for the improvement of our present day five less expensive housing initiativesand also to acquire new tasks,” he introduced.
KPMG India acted because the economic advisor to Signature global for the transaction.
Aggarwal stated the business enterprise is exploring possibilities for low-priced housing tasks in Maharashtra, Gujarat and Uttar Pradesh except Haryana.
Signature international is looking to add 7-eight new projects this economic, he brought.
“we have got properly response for all 4 initiatives that have been released up to now, with each of them getting oversubscribed by using nearly 3–four instances on the time of release,” he said.
the development paintings on all the 4 initiatives has started and the same could be completed within the scheduled four 12 months time.
Aggarwal said even though the margins are much less in low priced housing initiatives, the incomevolumes are higher.
(This tale has now not been edited by using NDTV workforce and is auto-generated from a syndicated feed.)
tale first published on: may additionally 03, 2016 18:06 (IST)
Tags: ICICI Prudential, Signature worldwide, SMC organization