Edelweiss Financial makes Rs 1.7 Bn exit from Andheri project
ECONOMY & POLICY

Edelweiss Financial makes Rs 1.7 Bn exit from Andheri project

Edelweiss Financial Services has successfully exited with Rs 1.75 billion from Paradigm Realty’s mixed-use township project, 102 Downtown, located in Mumbai's Andheri West suburb. The repayment, completed two quarters ahead of schedule, was facilitated by strong sales collections and refinancing at an interest rate below 13% per annum. This milestone marks the transition to the project's second development phase, according to Paradigm Realty.

The debt, raised two years ago, supported the residential phase of 102 Downtown, a 10-acre joint venture with Prozone Realty. The project features a 4.5 million sq. ft. development potential, including 1.3 million sq. ft. of residential spaces and plans for a shopping centre poised to become one of the largest malls in Mumbai’s western suburbs.

Parthh K Mehta, Chairman and Managing Director of Paradigm Realty, attributed the early repayment to financial discipline and operational efficiency. He acknowledged Edelweiss Financial Services' funding as instrumental in expediting the delivery of the first phase, which includes 600 apartments.

This successful debt repayment underscores the project’s robust financial management and strong market performance, setting the stage for further development of the township.


Edelweiss Financial Services has successfully exited with Rs 1.75 billion from Paradigm Realty’s mixed-use township project, 102 Downtown, located in Mumbai's Andheri West suburb. The repayment, completed two quarters ahead of schedule, was facilitated by strong sales collections and refinancing at an interest rate below 13% per annum. This milestone marks the transition to the project's second development phase, according to Paradigm Realty. The debt, raised two years ago, supported the residential phase of 102 Downtown, a 10-acre joint venture with Prozone Realty. The project features a 4.5 million sq. ft. development potential, including 1.3 million sq. ft. of residential spaces and plans for a shopping centre poised to become one of the largest malls in Mumbai’s western suburbs. Parthh K Mehta, Chairman and Managing Director of Paradigm Realty, attributed the early repayment to financial discipline and operational efficiency. He acknowledged Edelweiss Financial Services' funding as instrumental in expediting the delivery of the first phase, which includes 600 apartments. This successful debt repayment underscores the project’s robust financial management and strong market performance, setting the stage for further development of the township.

Next Story
Infrastructure Transport

ADB Approves Final $299 Million Loan For Delhi–Meerut RRTS

The Delhi–Meerut Regional Rapid Transit System (RRTS) project has achieved a key milestone with the Asian Development Bank (ADB) approving a $299 million loan as the final tranche of its Multi-Tranche Financing Facility (MFF) on 30 September. This marks the completion of ADB’s four-tranche financing for the ambitious high-speed regional transport corridor.The Delhi–Meerut RRTS project, with an estimated total cost of Rs 286.3 billion (around $3.5 billion), is being implemented through a multi-layered funding framework combining international financial institutions and contributions from ..

Next Story
Infrastructure Urban

Mizoram’s Kaladan Transport Project To Be Completed By 2027

Mizoram Chief Minister Lalduhoma announced that the Kaladan Multi-Modal Transit Transport Project (KMMTTP) — a cross-border road link connecting southern Mizoram to the Bay of Bengal via Myanmar — is expected to be completed by 2027.Speaking at Tlanglut Kut, a major festival of the Bawm tribe, and the International Bawm Cultural Meet held in Khawmawi village, Lunglei district, Lalduhoma said he had recently met with officials from the company executing the Kaladan project, who assured him that the bilateral infrastructure initiative would be completed within the next two years.He added tha..

Next Story
Infrastructure Transport

Bhopal Metro To Launch Orange Line With Noise Control

The Bhopal Metro is gearing up to launch its priority corridor next month, marking a major milestone for the city’s urban transport network. The Orange Line stretch from AIIMS to Subhash Nagar Depot, covering eight stations, will allow trains to run at speeds of up to 80 km/h while incorporating extensive noise and vibration control technologies, in line with the Metro Rail Transit System Guidelines for Noise and Vibrations (2015), according to the Times of India.Officials from the Madhya Pradesh Metro Rail Corporation Limited (MPMRCL) said the project places strong emphasis on minimising en..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?