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Aditya Birla Finance, a subsidiary of Aditya Birla Capital Capital has raised a debt of Rs 40 crore Agami RealtyPremium residential project involving redevelopment of a housing society near Kala Nagar Mumbaibusiness district of Bandra-Kurla Complex ,BKC,
The project, to be developed on a land parcel spread over a quarter acre, is estimated to have a development potential of around 1 lakh sq ft and a free-sale component of around 45,000 sq ft.
The project is expected to have a revenue potential of over Rs 225 crore based on the pricing trends prevailing in the micro-market.
“We value the trust expressed Aditya Birla Capital Agami Realty CEO Prashant Khandelwal said, “For us, this funding has enabled us to achieve financial closure for the project and will enable us to complete the project ahead of schedule.”
Last month, Aditya Birla Capital raised Rs 3,000 crore through a combination of Qualified Institutional Placement (QIP). Other than promoter and promoter group entities Grasim Industries and Surya Kiran Investments, the issue received strong response from foreign portfolio investors, sovereign wealth funds and domestic institutional investors.
Real estate projects involving redevelopment and rehabilitation are the mainstay of Mumbai’s property market as the land-starved city has few vacant land parcels.
According to Khandelwal, society redevelopment is the most outstanding opportunity in Mumbai today and the company will continue to evaluate more such opportunities to enhance its portfolio in Mumbai.
ET’s email query to Aditya Birla Capital remained unanswered at the time of writing.
The project will be a boutique residential development in which the 22-storey building will be designed by architect Reza Kabul and will have 2.5 and 3 bedded residences with sky-decks at a cost of Rs 4 crore.
Agami Realty has so far delivered over 25 projects spread over 2.5 million sq ft in the Mumbai Metropolitan Region (MMR) region. The company currently has four ongoing projects with a total area of 5 million sq. ft. and four upcoming projects in the pipeline with a potential development area of approximately 1 million sq. ft.
