Parinee Realty raises over Rs 325 cr for commercial project in Worli

26 May 2021 CW Team

Realty firm Parinee Realty has raised more than Rs 325 crore from high net worth individual (HNI) investments to develop a commercial project in Mumbai's Lower Parel-Worli.

Parinee Realty has also entered into a barter agreement with a construction partner to execute the project, which has a revenue potential of more than Rs 2,250 crore.

The existing financing has also been restructured to ensure that all the funds are channelised for the project's construction. Edelweiss Group that invested Rs 450 crore into the project, has now been converted as a partner with a carved out 1.75 lakh sq ft constructed area being transferred to the institution.

The loans are restructured with the moratorium and zero-coupon, and repayment is structured to provide a suitable exit from the sale of Inventory.

The project's total cost is around Rs 1,250 crore, of which Rs 600 crore has already been incurred. While Rs 325 crore worth of financial arrangement has been secured now, a balance over Rs 300 crore cost will be supported through customer advances.

HNI investors and Edelweiss Group will be paid through future revenue of the project after using the same for achieving financial closure of the project, Shah said.

The project, spread over two acres, is planned with boutique and flexible office spaces ranging from 400 sq ft to over 2,200 sq ft area with a base ticket size of Rs 1.50 crore. The project will cater to mid-size corporates, SMEs, MSMEs, start-ups, professionals, family offices, restaurants, etc.

All the necessary approvals for the project, which involves the rehabilitation of 550 slum dwellers, have already been secured from the respective authorities, including the MCGM and Slum Rehabilitation Authority (SRA). The developer is expected to hand over possession of additional 200 residential units to rehabilitate government project affected persons (PAP).

The proposed date of completion for the project is March 2026. It was earlier approved under the old development control regulations of 1991 and has been revised as per the New development control and promotion regulations (DCPR) of 2034.

Image Source

Also read: Birla Group lines up Rs 1,000 cr capex for housing projects in FY22

Also read: Century Real Estate raises Rs 175 cr for luxury housing project

Realty firm Parinee Realty has raised more than Rs 325 crore from high net worth individual (HNI) investments to develop a commercial project in Mumbai's Lower Parel-Worli. Parinee Realty has also entered into a barter agreement with a construction partner to execute the project, which has a revenue potential of more than Rs 2,250 crore. The existing financing has also been restructured to ensure that all the funds are channelised for the project's construction. Edelweiss Group that invested Rs 450 crore into the project, has now been converted as a partner with a carved out 1.75 lakh sq ft constructed area being transferred to the institution. The loans are restructured with the moratorium and zero-coupon, and repayment is structured to provide a suitable exit from the sale of Inventory. The project's total cost is around Rs 1,250 crore, of which Rs 600 crore has already been incurred. While Rs 325 crore worth of financial arrangement has been secured now, a balance over Rs 300 crore cost will be supported through customer advances. HNI investors and Edelweiss Group will be paid through future revenue of the project after using the same for achieving financial closure of the project, Shah said. The project, spread over two acres, is planned with boutique and flexible office spaces ranging from 400 sq ft to over 2,200 sq ft area with a base ticket size of Rs 1.50 crore. The project will cater to mid-size corporates, SMEs, MSMEs, start-ups, professionals, family offices, restaurants, etc. All the necessary approvals for the project, which involves the rehabilitation of 550 slum dwellers, have already been secured from the respective authorities, including the MCGM and Slum Rehabilitation Authority (SRA). The developer is expected to hand over possession of additional 200 residential units to rehabilitate government project affected persons (PAP). The proposed date of completion for the project is March 2026. It was earlier approved under the old development control regulations of 1991 and has been revised as per the New development control and promotion regulations (DCPR) of 2034. Image Source Also read: Birla Group lines up Rs 1,000 cr capex for housing projects in FY22 Also read: Century Real Estate raises Rs 175 cr for luxury housing project

Infrastructure Transport

06 Aug 2026

Surya Roshni delivers customised lighting for NCRTC RRTS stations

Surya Roshni has supplied customised indoor lighting solutions for 18 elevated stations on the National Capital Region Transport Corporation's (NCRTC) Rapid Rail Transit System (RRTS), strengthening its presence in India's infrastructure lighting segment.The project involved the design and deployment of lighting systems for platforms, concourses, foot overbridges (FOBs) and back-of-house (BOH) areas. According to the company, the luminaires were developed specifically to meet NCRTC's design, operational and performance requirements rather than using standard products.Surya introduced two custo..

Real Estate

06 Aug 2026

Hilton debuts Tapestry Collection brand in Vietnam

Hilton has opened NHAAN Resort & Spa Hoi An, Tapestry Collection by Hilton, marking the debut of the Tapestry Collection brand in Vietnam and expanding its lifestyle hospitality portfolio in Southeast Asia.Located along the Co Co River in Cam Thanh village, the 174-key resort provides access to Hoi An Ancient Town, Cua Dai Beach and the Cam Thanh Nipa Forest. The property has been designed by Vietnamese architect Vo Trong Nghia, incorporating biophilic architecture, locally sourced materials and riverfront landscapes.The resort offers a mix of guest rooms and suites, including family-frien..

Building Material

06 Aug 2026

Electrent expands lithium energy storage system portfolio

Electrent Energy has expanded its lithium-based energy storage portfolio with the launch of the ESS 850 and ESS 1050, targeting compact and maintenance-free power backup solutions for Indian homes.The new systems integrate a Home UPS and a LiFePO4 lithium battery into a single unit, extending the company's product range following the launch of its ESS 1350 and ESS 2500 models.Designed for apartments and smaller homes, the ESS 850 provides up to 1 hour 15 minutes of backup, while the ESS 1050 offers up to 1 hour 45 minutes on a typical 400 W household load. The systems can power essential appli..