Two projects in Mumbai’s Hubtown gets Rs 355 cr from Edelweiss

25 Sep 2021 CW Team

Mumbai-based Edelweiss Group has invested Rs 355 crore in Hubtown’s two under-construction residential projects in Mumbai through its ECL Finance Limited and two funds--Edelweiss India Real Estate Fund and EREF Onshore Fund-- managed by the group.

ECL Finance infused Rs 205 crore in the developer’s project Hubtown Seasons in Edelweiss Chembur suburb of Mumbai and invested Rs 150 crore in Hubtown Harmony, a premium development at Matunga in central Mumbai.

Both projects are under construction, with all approvals in place, and the investment from Edelweiss shall be used towards ensuring quicker completion of both projects, Hubtown told the media.

Hubtown Seasons is a public-private partnership (PPP) project with the government of Maharashtra and is spread over a 10-acre land parcel.

Edelweiss Group funded the sale potential in the first phase is nearly 3.5 lakh sq ft of area, and the government obligations regarding the first phase are finished, and the focus will now be on finishing the sale area within the next two years.

The Matunga project spread over an acre near King’s Circle is a redevelopment project, wherein the redevelopment component is finished and handed over. Now it is concentrating on ensuring delivery of the 1 lakh sq ft sale component in two years.

While the developer has already attained 30% sales at the Chembur project, about 20% of the Matunga project has been sold.

Oaktree Capital Management invested Rs 425 crores in Hubtown’s sea-facing luxury residential development 25 South spread over 5.3 acres of land in central Mumbai earlier this year.

Through this transaction, part of the funds raised is being used to finish the project and partly to retire the Indiabulls Housing Finance's current debt facility.

The recent increase in housing sales and anticipated sustained conversion of housing demand has proposed a revised outlook for the sector’s liquidity situation.

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Also read: CASAGRAND to acquire land parcels worth Rs 100 bn

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