Published On: Sat, Oct 7th, 2017

Piramal Finance Investing Rs 280 crores, in Puranik’s project in Thane

puranilcityreservaBy Accommodation Times Bureau

Piramal Finance managing director, Khushru Jijina has informed here, that Piramal
Enterprises, will invest Rs 280 crores in Puranik’s flagship project ‘Puranik City
Reserva’, in Thane, through its subsidiary Piramal Finance (PFL).
“We hope that 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 and retail business,” Piramal Finance managing director added .
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.
Puranik Group’s managing director Shailesh Puranik Commented on the deal,
“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 theme-based ongoing project at Ghodbunder Road, being
developed on 13 acres of land, with 2.2 million sq ft development potential worth
Rs 2,000 crores and is expected to be completed in the next 6-7 years. The realty
expert has developed over five million sq ft of real estate so far and is currently
developing around 15 million sq ft in Pune, Lonavala, Karjat, Thane and Mumbai’s
suburbs.

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