Noida –reputed builder Prateek Group has got an investment of Rs 200 crore by Priamal Fund Management. In Noida sector 107 the ultimate luxurious project Prateek Edifice is in the center of construction.
A person who aware of the transaction said on the condition of namelessness “The partners have entered into a critical relation and plan to broaden it in future.”
This is the 3rd round of fundraising by the developers in the last 7 months.
In December of the year 2015, Prateek Group had raised amount of Rs 100 crore investment firm Xander Group’s NBFC arm Xander Finance for a projects township which is constructing in Ghaziabad. From India Bulls Housing Finance it has raised Rs 135 crore for project in Sec 77 name Prateek Wisteria of Noida.
Piramal Fund Management is becoming India’s major investors of real estate; alone it has book loan and honesty investments Rs 22,000 crore in residential sectors. It has recently invested in Central Mumbai of Rs 425 crore in Lodha Azzuro project, which is being constructed by Lodha Group.
Over the past few years Piramal Fund Management has launched new funds namely Apartment Fund and Mumbai Redevelopment Fund.
According to VCCEdge, between January and March of 2016 about $410 million invested across residential, office and retail projects in comparison to $680 million ago a year.