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Piramal Capital & Housing Finance has invested nearly Rs 300 crore in a villa development project by Cybercity Builders & Developers in Hyderabad. The funding will also be used to acquire the land Cybercity Developers bought from Phoenix Group. One of the subsidiaries of Phoenix Group had earlier purchased the land from erstwhile owner Gulf Oil India, a Hinduja Group company.
Besides this, Piramal Enterprises plans to merge its subsidiary, Piramal Capital & Housing Finance, which will be subsequently renamed as Piramal Finance. The financing deal has been inked and the funds will be disbursed in tranches on achieving certain milestones or conditions precedent.
In the wholesale lending business, the company disbursed more than Rs 1,448 crore in the March quarter. Institutional investors are sharpening focus on residential projects, including villa and plotted developments for attractive opportunities in the realty sector, driven by growing demand for premium housing options and customised living spaces. |
