Altico Capital injects INR 120 cr in reality firm Century group's affordable housing project
It has invested Rs 120 crore in the Century group project 'Century Greens' at North Bengaluru where the realty firm is doing plotted development.
Altico Capital has invested Rs 120 crore in an affordable housing project being developed by Bengaluru-based realty firm Century group.
With this investment, the non-banking finance company (NBFC) has made a total infusion of over Rs 550 crore in Bengaluru's real estate market.
"We are delighted to partner again with a strong group like Century with whom we have a history of successful exits. The new investment is against an ongoing plotting project which fits into our philosophy of investing in affordable and mid-market projects of ticket sizes below Rs 50 lakhs," said Sanjay Grewal, CEO of Altico Capital.
The new investment has been made amid a liquidity crisis in NBFC's post default by the IL&FS group.
The company is promoted by Clearwater Capital (now Fiera Capital), Abu Dhabi Investment Council and Varde Partners.
Housing supply and sales bottomed out in 2017. Bengaluru's residential market witnessed a remarkable comeback in H1 2018 on both parameters. The city saw new launches of approx. 15,500 units in H1 2018 (up 11 per cent year-on-year) and sales of about 25,800 units in H1 2018 (up 22% year-on-year).
Of the five projects, one project is brownfield and the rest are greenfield mid-income and affordable residential projects spread across various locations in the north, northeast and whitefield area.
Bengaluru continues to be a robust residential market and enjoys the highest office space absorption amongst all major Indian cities. The IT-city witnessed gross leasing activity of about 12 million sq ft during Jan-Sep 2018 and new completions of approx. 9 mn sft during the same period.
Given the strength of the Bengaluru market, Grewal said Altico would certainly look to scale up its exposure in this city.
(With inputs from agencies.)
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