BlackOpal, which has been newly set up for real estate project management and financing, on Tuesday said it has bagged six projects in the Delhi-NCR market worth more than Rs 1,000 crore for execution. The company, which was set up in September 2020 by Prasson Chauhan –the former co-founder and CEO of realty firm ATS Homekraft, has secured four projects in Ghaziabad and one project each in Noida and Greater Noida where it will provide support in areas like financial, sales & marketing, designing and customer relationship management (CRM).
BlackOpal said it has provided capital as a financing arm to all the projects worth about Rs 10-15 crore.
The company is managing six projects in different capacities aggregating to around 3 million sq ft valued at over Rs 1,300 crore with a team of 25+ industry professionals, it added.
Chauhan said the the primary objective is to provide strategic solutions to real estate projects throughout their life cycle. He said the company would be able to support developers as a niche asset manager with a unique capability of managing the entire project in a DM (development management) model or through equity participation or managing specific functions like sales & marketing, CRM support, capital structure solution, design & construction etc. Chauhan said the company is also looking at setting up an NBFC to provide capital in the real estate sector, which is facing a huge liquidity issue.
”We are awaiting the approval for the NBFC from RBI, which is expected in the near future. The NBFC will play a pivotal role in our asset management full integration that we aim to achieve going forward – a symbiotic relationship with our borrowers by providing a financing option while enhancing the other relevant functions of their business,” he said.
Before ATS Homekraft, Chauhan worked in Yes Bank and ICICI Bank. According to Anarock, a total of 1,90,120 housing units, worth Rs 1,19,291 crore, were stuck in the Delhi-NCR as of 2020-end. These flats were launched in 2013 and before.
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