May 9, 2024: TCG Real Estate has secured a funding of Rs 714 crore from the State Bank of India (SBI) for its World Trade Centre project in Gurgaon, as per documents obtained by real estate data analytics firm CRE Matrix. The company is currently engaged in the development of a business park named ‘World Trade Centre’ situated off NH-8, Sohna Road in Gurgaon. The project is set to encompass an impressive 1 million square foot (msf) of leasable area, and the allocated funds will be directed towards its development.
This funding, amounting to Rs 714 crore, is structured as a loan from SBI with a tenure spanning 72 months or six years, carrying an annual interest rate of 9.6%. A deed of Hypothecation was formalised between Energetic Construction and SBICAP Trustee Company on March 28, 2024, with TCG Urban Infrastructure Holding serving as the promoter of Energetic Construction.
Spanning across 7.94 acre of land, the World Trade Centre in Gurgaon comprises a total leasable area of 10,13,168 square foot (sqft), distributed among office and retail blocks housed within four towers. The office block is slated to offer a leasable area of 9.4 lakh sqft, while the retail block will provide 72,407 sqft of leasable space. Commercial operations are scheduled to commence by October 2027, with the estimated project cost pegged at Rs 1211.86 crore.
The construction period for the project spans 48 months, accompanied by a 12-month moratorium period. In the event of delayed payments up to 60 days, an annual penal interest of 2% will be imposed. Should payment irregularities extend beyond 60 days, an annual penal interest of 5% will be applied to the outstanding amount for the duration of the delay, as detailed in the loan documents.
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