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New Delhi: Punjab based real estate firm Sushma Group 140 crores have been raised from IndusInd Bank for its funding commercial projects. The Sushma Group said in a statement on Monday that IndusInd Bank has committed Rs 50 crore for its commercial project.Sushma Capital,
IndusInd Bank has committed fresh funding of Rs 90 crore for another commercial project.Sushma Pristine,
The two commercial projects have a combined area of 1.47 lakh sq ft office space, 60,000 sq ft SOHO and 7.69 lakh sq ft retail space.
“The aggressive funding of the commercial segment by banks and financial institutions is a testament to the bright future of commercial real estate in Tier 2 cities. With this funding, we are well positioned to continue providing innovative real estate solutions to our customers ” Prateek Mittal, Executive Director, Sushma Group said.
The group has cumulatively delivered several projects of over 5 million sq ft in the last 14 years, while another nearly 10 million sq ft is under construction.
It has projects in and around Chandigarh, including cities like Zirakpur, Mohali, Greater Mohali, Aerocity, Kharar and New Chandigarh. The group is developing another project in Himachal Pradesh.
Last year, Sushma Group raised Rs 100 crore from Motilal Oswal Group for the development of its residential project.
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