Edelweiss Financial makes Rs 1.7 Bn exit from Andheri project

28 Nov 2024 CW Team

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.

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