Edelweiss Group Pumps in INR 355 Cr in HubTowns 2 Residential Projects

Edelweiss Group has invested Rs 355 crore in realty developer Hubtowns two under-construction residential projects in Mumbai, Maharashtra through its non-banking finance company ECL Finance and two funds - Edelweiss India Real Estate Fund and EREF Onshore Fund - managed by the group.

Of the funds, ECL Finance invested Rs 205 crore in the developers project Hubtown Seasons in the Chembur suburb of Mumbai and infused Rs 150 crore in Hubtown Harmony, a premium development at Matunga in central Mumbai.

Hubtown Seasons is spread over a 10-acre land parcel and is a public-private partnership (PPP) project with the government of Maharashtra.

The sale potential in the Phase-I funded by Edelweiss is around 3.5 lakh sq ft of area, and the government obligations in respect of the Phase-I are completed, and the focus will now be on completing the sale area within the next two years.

The Matunga project is spread over an acre near Kings Circle, and is a redevelopment project, wherein the redevelopment component is completed and handed over, and now the company is focussing on ensuring delivery of the sale component of one lakh sq ft within two years.

About 20 percent of the project in Matunga has been sold, while the developer has already achieved 30 percent sales at the Chembur project.