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Altico Capital India, a non-banking financial company (NBFC) backed by Clearwater Capital Partners, Varde Partners and Abu Dhabi Investment Council, has disbursed a term loan facility to Pune-based Guardian Developers for its under-construction residential project “Eastern Meadows” located in the growth corridor of Kharadi, Pune.
The project admeasuring 1 million sq. feet, being developed under a joint development agreement, has already been launched and the construction is in full swing.
It will primarily consist of value-for-money 2BHK and 3 BHK apartments.
Sanjay Grewal, newly appointed CEO of Altico, said, “This foray into Pune real estate market establishes Altico’s footprints in all the Tier I cities.”
Guardian Developers, promoted by Manish Sabade, has delivered more than one million sq. feet of residential apartments in the last 15 years and another 3 million sq. feet under development.
Grewal added, “Altico more recently has successfully closed five deals which include prominent transactions such as Rs 725 crore investment across multiple projects of realty firm Century Real Estate Holdings Pvt. Ltd in Bengaluru and Rs 450 crore in a South Mumbai project which is a joint venture between Sanjay Chhabria promoted, Radius Developers and Sumer Group”.
Amit Pachisia, Chief Credit Officer of Altico, added: “We are on course to deploy around Rs 2,500 crore by the end of the financial year 2015-16.''
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