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InudsInd Bank raises funds to Sushma Group for commercial projects
Sushma Group, based in Punjab, has raised Rs 1.4 billion from Indusland Bank to fund commercial projects. The Sushma Group announced that Induslnd Bank has committed Rs 500 million to its commercial project 'Sushma Capital' in a statement.
IndusInd Bank has committed another Rs 900 million in new funding for its 'Sushma Pristine' commercial project.
The combined area of the two commercial projects is 1.47 lakh square feet of office space, 60,000 square feet of SOHOs, and 7.69 lakh square feet of retail space.
“The aggressive financing of the commercial segment by banks and financial institutions is a testament to the bright future of commercial real estate in tier 2 cities. With this funding, we are well positioned to continue delivering innovative real estate solutions to our customers,” said Prateek Mittal, Executive Director, Sushma Group.
In the last 14 years, the group has completed several projects totaling over 5 million square feet, with another approximately 10 million square feet under construction.
It is involved in projects in and around Chandigarh, including Zirakpur, Mohali, Greater Mohali, Aerocity, Kharar, and New Chandigarh. In Himachal Pradesh, the group is working on another project.
Sushma Group raised Rs 1 billion from Motilal Oswal Group last year for the development of its residential project.
See also:
Tier-2 realty developers receiving funds post-pandemic
Kotak forms $590 mn worth of investment platform with ADIA
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