 "Urban Tree to raise Rs 50 crore to fund affordable housing project")
Chennai-based real estate company Urban Tree Infrastructures is in talks with PEs including Motilal Oswal, JM Financial and others to raise around Rs 50 crore.
Abhishek Mehta, director, Urban Tree confirmed that the company is talking to investors to raise money for its upcoming project 'Fantastica', an affordable housing project on the Poonmalle High Road. Total project cost is estimated around Rs 150 crore. Investors will hold 67% stake in the project.
Urban Tree also announced the launch of two new projects in Chennai - a residential project on GST Road and a commercial project on GP Road off Anna Salai.
The residential project will comprise 284 units spread over three acres of land in a gated community on GST Road. The company has invested around Rs 50 crore in this project.
So far, the company has delivered 5 lakh sq ft of residential space in the affordable housing segment and has lined up three more projects, with about 11 lakh sq ft. The company has funded these projects through debt mainly.
The company is also foraying into commercial and hospitality segments.
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