Piramal Enterprises, through its subsidiary Piramal Finance (PFL), will invest Rs 280 crores in Puranik’s flagship project ‘Puranik City Reserva’, in Thane. “We hope that this will be a long and rich relationship with the Puranik Group, which has a demonstrated track record of execution in the Thane micro market. We look forward to enabling the growth of the Group, with our offerings across both, the wholesale and retail business,” Piramal Finance managing director, Khushru Jijina said.
PFL, through its entire suite of products, is following a financial partnership model, by extending holistic solutions to developers, right from early stage equity to late stage debt, construction finance, lease rental discounting, as well as bulk buying apartments. Commenting on the deal, Puranik Group’s managing director Shailesh Puranik said, “This transaction will help us to achieve a complete financial closure for the project. We firmly believe that the market today presents attractive opportunities and we look forward to relying on the Piramal platform’s experience and expertise as a lender of choice, as we chart out our own path towards further growth.”
Puranik City Reserva, a theme-based ongoing project at Ghodbunder Road, being developed on 13 acres of land, with 2.2 million sq ft development potential worth Rs 2,000 crores and is expected to be completed over the next 6-7 years. The realty player has so far developed over five million sq ft of real estate and is currently developing around 15 million sq ft in Thane, Pune, Lonavala, Karjat and Mumbai’s suburbs.