IIFL Home Finance Invests INR 50 crore in The Mumbai Township Project of Eon Group

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Eon Group has received Rs 50 crore from IIFL Home Finance for its Mumbai township development, according to the company.

IIFL Home Finance has invested Rs 50 crore in senior secured construction financing for its Riverwood Park affordable housing community in Thane. The investment will be made in the 42-acre project's Phase II.

The investment will enable Eon Group expedite the completion and delivery of the five towers of Phase II that are in various stages of development, according to Eon Group. The entire saleable development potential exceeds 7 million square feet. The head of Eon Group, Bharat Shah, expressed optimism over the housing demand.

Over sixty percent of the inventory has been sold, and the last tower of Phase II is anticipated to be finished by December 2025. Eon intends to construct Phase III of the township, which will include more than 15 million square feet of residential space.

Palash Shah, chief executive officer of the Eon Group, said,

"Affordable housing is a very important pillar for us, and the defensive aspect of this product will be essential as we balance our portfolio of initiatives in the near to medium future."

In Mumbai Metropolitan Region, Eon Group (formerly known as Siddharth Group) has supplied around 11 million square feet of mostly residential space (MMR). Currently, Eon is developing about 1 million square feet.

The Eon Group announced in October 2022 that it will spend Rs 250 crore to create a mixed-use complex in Mumbai. It added a 5,000-square-meter block of land in the exclusive Prabhadevi neighbourhood of Mumbai.