Edelweiss invests Rs 200 cr in Saya group's housing project

Real estate player Saya Group today said it has raised Rs 200 crore from financial services firm Edelweiss group to fund ongoing housing project at Ghaziabad.

The company is developing a housing project at Ghaziabad in Uttar Pradesh on 5.25 acres, comprising about 1,600 flats.

"We have received an investment of Rs 200 crore from Edelweiss for our project," Saya Group Director (Finance) Manoj Jain said in a statement.

He said the investment by the Edelweiss group is in form of a term loan.

The investment has been made by Edelweiss group firms ECL Finance and Edelweiss Housing Finance.

Ghaziabad-based Saya group is developing various housing projects in the NCR region with focus on Indirapuram and Noida/Greater Noida West.

"Our organisation is developing over 24 lakh sq ft in Indirapuram and about 11 lakh sq ft in Greater Noida West. We have already delivered about 10 lakh sq ft in Indirapuram in our two projects. With this new development, we are looking forward for a brighter future," Saya group MD Vikas Bhasin said.

The company would invest about Rs 1,200 crore on the 'Saya Gold Avenue' project. The construction has started and the project would be completed in the next 3-4 years.

The financial closure of this project has been achieved and the company would not raise more funds for this project.

Edelweiss Group is a leading financial services firm having businesses around four broad lines - credit including retail finance and debt capital markets; Commodities; Financial Markets including Asset Management and Life Insurance services.