Chandigarh based Sushma group has raised Rs 100 crore from Motilal Oswal to fund the construction of its 10.75-acre project in Zirakpur, of the company said. The fund will also be used to give exit to existing lender LIC housing and remaining will be used to complete the construction of project.
“The funding shows that lenders are willing to fund projects in tier 2 cities as well. Many other financing institutions are also interested in funding projects in tier 2 cities,” Mittal said.
The company has delivered 5 million sq ft of residential and commercial space and another 15-18 lakh sq ft is under various stage of construction.
Prateek Mittal, Executive Director
The loan, which is partially disbursed and the rest will be done according to the construction status, will be utilized in the development of Sushma Joynest MOH 1. The residential project offers a total of 13 towers with 9 floors in a built up area of 12 lakh sq ft. The first phase of possession of 360 units in five towers out of 950 units has already been offered. MOH 1 comprises of 2 and 3 BHK apartments available in configurations of 1080 sq ft to 1640 sq ft. Phase 2 – possession will be done in this financial year 2022-23, and Phase 3 will be done in 2024-25.
“Investment in our project will aid the faster completion of the project. Our focus has always been timely delivery, and the associations in the path towards that goal are always welcome,” Mittal added.
Joynest MOH 1 offers ample green space along with basement parking and is equipped with all the amenities such as gymnasium, card room, landscaped gardens, club house, meditation and yoga pavilion. An amphitheater and a party lawn will also be there to fulfill the entertainment needs of its occupants.
The Group has completed 14 projects. Chandigarh’s ongoing residential properties include Sushma Belleza, Sushma Crescent Phase 2, Sushma Joynest and Sushma Grande Nxt; upcoming commercial properties include Sushma Pristine, Sushma Metropol, and Sushma Empiria.