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realty developer Paranjape Schemes Raised over Rs 230 crore from private equity funds including Ask Property Investment AdvisorsArbor Investments and Walton Street Capital for its four residential projects in Mumbai and Pune.
of these investments ask property Investment Advisors invests over Rs 91 crore in the company’s premium housing projects in Mumbai Bandra territory. The project, Paranjpe Athena, will be the redevelopment of Teachers Colony, an old housing society spread over an acre that currently houses 140 families.
Walton Street Capital has invested over Rs 85 crore in the developer’s township project One Trails and premium housing project at Bhugaon, Pune. Trident Spread over five acres in Wakad area.
ASK Property Investment Advisors has invested Rs 20 crore in the company’s township project spread over 200 acres at Bhugaon, apart from investing in its Mumbai project Paranjpe Athena.
“We have had a long association with ASK and look forward to continuing our relationship with the Bandra project. This is our second partnership with Walton and we are very happy with the engagement shown by the group with regard to our existing and future partnerships,” Amit Paranjpe, director, Paranjpe Schemes, told ET.
Arbor Investments has invested over Rs 35 crore in the company’s premium residential project Paranjpe Aspire, spread over a quarter-acre land parcel in Andheri suburb of Mumbai. It is a joint development project in partnership with Pune based realty developer Rainbow Housing.
“With Arbor Investments, this is a new relationship and we look forward to taking this alliance forward with many more projects together,” Paranjpe said.
The developer has already started construction work at all the four project sites and is expected to be completed by 2027.
While projects in Mumbai’s Andheri and Bandra with an inventory of 90 and 135 apartments respectively have already registered 20% sales, bookings at the development in Pune have reached almost 80%. Paranjpe expects to get a cumulative revenue of Rs 1,100 crore from these four projects.
Started almost 100 years ago, Paranjape Schemes currently has an under-construction portfolio of over 11 million sq ft with a presence across three states, nine cities and 30 live projects. It has already completed 26 projects in Mumbai and 210 projects with a total built-up area of 20 million sq. ft.
The multi-segment real estate company is one of the largest Indian senior living developers, with over 4,000 senior citizens currently living in its completed projects.
The company has 12 operational independent senior living projects under its senior living housing development vertical Athasree across three states. The company is also planning an exclusive residential project for families with autistic children under its brand Swaniketan.
The group has so far secured financial assistance of over Rs 1,800 crore from leading fund houses in the country, and has completed over 200 projects over the last 30 years with an active presence in both residential and commercial sectors.
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