Piramal Capital & Housing Finance, a subsidiary of Piramal Enterprises Limited, has sanctioned an approximately Rs 200 crores facility to the Appaswamy Group (Appaswamy), via a structured equity transaction, to enable the acquisition of 3.34 acres (nearly 60 grounds) of land in Kotturpuram, in the heart of Chennai.
Appaswamy acquired this land parcel on River View Road, Kotturpuram, from the TVH Group. The company plans to develop a premium residential project, with potential sales revenue in excess of Rs 1,000 crores.
Khushru Jijina, managing director, Piramal Capital & Housing Finance, said, “We are pleased to have partnered with the Appaswamy Group for this project , which is situated in a pre-eminent location within the city of Chennai. The Appaswamy Group has a strong record of execution and delivery and we are happy to be associated with them to enable the delivery of this landmark residential development.
“Within south India, Chennai is an important market for Piramal Capital & Housing Finance. Since its inception in 2014, we have sanctioned and disbursed Rs 3,500 crores in the Chennai market. With consolidation in the industry, we continue to explore strategic opportunities, with partners that are focused on seamless execution, high quality developments and timely delivery.”
Ravi Appaswamy, managing director, Appaswamy Group, added: “In Piramal, we found a deeply committed and knowledgeable partner, who brings with them a rich experience in real estate, along with a scale and breadth of offerings in financing. We look forward to a long-term and mutually beneficial relationship.” Appaswamy has completed more than 10 million sq ft of developments till date. In real estate, Piramal Capital & Housing Finance Limited provides housing finance and other financing solutions across the entire capital stack, ranging from early stage private equity, structured debt, senior secured debt, construction finance and flexi lease rental discounting.