IIFL Residence Finance to invests ₹50 cr in Eon Group’s township undertaking in Mumbai
Realty agency Eon Group on Friday stated it has raised ₹50 crore from IIFL Residence Finance for its township undertaking in Mumbai. The funding might be in Part II of the 42-acre undertaking.
IIFL Home Finance had additionally lately invested ₹50 crore senior-secured building debt in its reasonably priced housing township ‘Riverwood Park’ situated in Thane, stated Eon in an announcement.
Eon Group stated the fund will assist the agency speed up the completion and supply of the 5 towers of Part II which can be underneath various phases of building. The overall growth potential on the market is over 7 lakh sq. ft.
Bharat Shah, Chairman of Eon Group, expressed confidence in regards to the housing demand.
Gross sales bookings for over 60 per cent of the stock have already been achieved and the ultimate tower of Part II is predicted to be accomplished by December 2025.
Eon plans to develop Part III of the township which could have over 15 lakh sq. ft of residential space.
“Affordable housing is a really robust pillar for us and the defensive nature of this product might be key as we steadiness our portfolio of developments within the close to to medium future,” stated Palash Shah, Managing Director of Eon Group
Eon Group (beforehand often known as Siddharth Group) has delivered about 11 million sq. ft space, primarily residential house, in Mumbai Metropolitan Area (MMR). At the moment, Eon has over 1 million sq. ft underneath growth.
In October, Eon Group had stated it might make investments ₹250 crore to develop a mixed-use undertaking in Mumbai. It added a 5,000 sq. metre land parcel in Mumbai’s prime Prabhadevi location.
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