Altico Capital India, a non-banking financial company (NBFC) backed by Clearwater Capital Partners, Varde Partners and Abu Dhabi Investment Council, today announced the that it has disbursed a term loan facility to Guardian Developers, a Pune-based developer for its under-construction residential project "Eastern Meadows" located in the growth corridor of Kharadi, Pune.
The construction of this project spread over 1 million sq. feet, being developed under a joint development agreement, is in full swing.
It will primarily consist of value-for-money 2BHK and 3BHK apartments.
Sanjay Grewal, the newly appointed CEO of Altico while highlighting the transaction mentioned that, "This foray into Pune real estate market establishes Altico's footprints in all the Tier I cities."
Guardian Developers, promoted by Manish Sabade, has delivered more than one million sq. feet of residential apartments in last 15 years and another 3 million sq. feet under development.
Grewal further mentioned that "Altico more recently has successfully closed five deals which include prominent transactions such as Rs. 725 crore investment across multiple projects of realty firm Century Real Estate Holdings in Bengaluru and Rs 450 crore in a South Mumbai project which is a JV between Sanjay Chhabria promoted, Radius Developers and Sumer Group".
Amit Pachisia, Chief Credit Officer at Altico added that "we are on course to deploy around Rs. 2,500 crores by the end of the financial year 2015-16.