Nandivardhan Group raises Rs 100 crore from SBI for redevelopment project
Nandivardhan Group has raised debt worth over Rs 100 crore from the country's largest lender the State Bank of India to finance one of its residential projects in central Mumbai’s Dadar locality, said persons with direct knowledge of the development.
This funding will primarily be utilized for the construction of a sale tower, which forms part of the group’s redevelopment project. The developer is looking to provide possession of apartments to nearly 100 residents in the redevelopment project over the next 2 to 3 years.
The repayment of the loan is planned through the revenue generated from the sale tower of the project, which is scheduled to be launched next month. The redevelopment project has a total saleable area of 1.65 lakh sq ft and is estimated to have a revenue potential of Rs 650 crore.
As part of this redevelopment project, the company is planning to develop an over 40 storey luxury residential tower with a configuration of two, three, and four-bedroom apartments starting at over 870 sq ft carpet area.
ET’s separate email queries to SBI and Nandivardhan Group remained unanswered until the time of going to press.
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