Real estate firm, Sikka Group, had been able to raise Rs 230 crore in debt as a part of completing three housing projects in Noida. They are touted to complete over 3300 housing units in these three projects. Because of the low demand in property market, real estate developers are looking for funding from banks and private equity players to complete their projects and then hand those over to the clients. “Partial disbursement of the funds has been done recently and the remaining installments would soon follow. The company would complete construction of over 3,300 flats, comprising 45 lakh sq ft of saleable area, using this fund,” Sikka Group director Gurneet Singh Sikka said.
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It is developing another 5-acre project in Noida with 364 dwelling units.
“Our focus has always been to deliver on whatever we promise to our customers. We are also planning to raise funds for our other projects so that we can deliver them on time as well,” he added.
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