IIFL Home Finance has recently invested Rs 50 Crore senior-secured construction debt in its affordable housing township Riverwood Park located on Kalyan-Shil Road, Thane.
The investment will be in Phase II of the 42-acre, Riverwood Park project located on Kalyan-Shil Road, Thane. The raised capital will help the firm accelerate the completion and delivery of the 5 towers of Phase II that are under varying stages of construction and for which all approvals are in place. The total development potential for sale is over 7 lakh sq. ft.
The second phase comprises 5 high-rise residential towers with 24 habitable floors offering spacious 1 and 2 BHKs with river views. The project boasts lifestyle amenities including a swimming pool, numerous sports courts, a clubhouse, a riverside deck, an on-site school, a retail corridor, and dedicated podium-level parking that are also part of the development.
Bookings for over 60% of the inventory have already been achieved and the final tower of Phase II is expected to be completed by December 2025. Eon also plans to develop Phase III of the township which will have over 15 lac sq. ft. of the residential area.
ADIA (Abu Dhabi Investment Authority) recently acquired a 20% stake in IIFL Home Finance earlier this year to support its next phase of growth in the fast-growing affordable housing space. This was one of the largest equity investments in the affordable housing finance segment in India.
