+
InudsInd Bank raises funds to Sushma Group for commercial projects
ECONOMY & POLICY

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


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

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code