Punjab-based real estate firm Sushma Group has raised Rs 140 crore from IndusInd Bank to fund its commercial projects. In its statement the Sushma Group said that IndusInd Bank has committed Rs 50 crore to its commercial project ‘Sushma Capital’.
IndusInd Bank has committed another Rs 90 crore fresh funding for its another commercial project ‘Sushma Pristine’. The two commercial projects have a combined area of Rs 1.47 lakh sq ft of office space 60,000 sq ft of SOHO’s and 7.69 lakh sq ft of retail spaces.
“The aggressive financing of the commercial segment by the banks and financial institution’s is a testament to the bright future of commercial real estate in Tier 2 cities. With its funding we are well-positioned to continue delivering innovative real estate solutions to our customers,” said Prateek Mittal, Executive Director, Sushma Group.
The Group has delivered several projects spread cumulatively over 5 mn sq ft in the last 14 years while another about 10 mn sq ft is under construction. It has projects in and around Chandigarh, including cities like Zirakpur, Mohali, Greater Mohali, Aerocity, Kharar and New Chandigarh. The Group is developing one most project in Himachal Pradesh. Sushma Group has raised Rs 100 crore from Motilal Oswal Group for development of its residential project.
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