Realty developer Paranjape Schemes has raised over Rs 230 crore from private equity funds including ASK Property Investment Advisors, Arbour Investments and Walton Street Capital for its four residential projects in Mumbai and Pune.
Of these investments, ASK Property Investment Advisors has infused over Rs 91 crore in the company’s premium housing project in Mumbai’s Bandra locality. This project, Paranjape Athena, will be redevelopment of an old housing society Teachers’ Colony spread over an acre that currently houses 140 families.
Walton Street Capital has invested over Rs 85 crore across the developer’s township project Forest Trails in Pune’s Bhugaon and premium housing project Trident spread over five acres in Wakad locality.
Arbour Investments has invested over Rs 35 crore in the company’s premium residential project Paranjape Aspire spread over a quarter of an acre land parcel in Andheri suburb of Mumbai. This is a joint development project in partnership with Pune-based realty developer Rainbow Housing.
The developer has already commenced construction work at all four project sites and these are expected to be completed by 2027. While the projects in Mumbai’s Andheri and Bandra with inventory of 90 and 135 apartments, respectively, have already clocked 20% sales, bookings at developments in Pune have touched around 80%. Paranjape expects to generate a cumulative revenue of Rs 1,100 crore across these four projects.
The multi-segment real estate company is one of the largest Indian senior living developers, with 4,000 senior citizens currently staying at their completed projects.
The company has 12 operational independent senior living projects under its senior living housing development vertical Athashri in three states. The company is also planning an exclusive residential project for families with autistic children under its brand SwaNiketan.
The group has so far received financing support in excess of Rs 1,800 crore from major fund houses in the country, and has completed over 200 projects in the past 30 years with an active presence in both residential and commercial segments
