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Moumita Bakshi Chatterjee

New Delhi, Dec. 14 Real estate company Assotech, which is developing the tallest building in National Capital Region, said it is in talks for raising foreign direct investment (FDI) up to $40 million (Rs 160 crore) from Canadian firm International Property Management Group (IPMG).

The FDI, which would flow in phases, would be utilised for FDI compliant-projects of Assotech including residential complexes in Gwalior and Bhubaneshwar.

“We have inked a deal with IPMG, which has created a real estate fund for India, and received up to $40 million commitment which would be phased over various tranches. We are expecting the first tranche of $5 million in January end. The money would flow into three projects in Gwalior, Bhubaneshwar and our 360-acre township Crossing Republic,” Mr Sanjeev Srivastva, Managing Director of Assotech told Business Line.

IPMG officials could not be contacted for comments.

Mr Srivastva said the company is also in the process of raising Rs 75-100 crore as debt for its Rs 250-crore residential tower coming up at Sector-44 in Noida.

“It would be the tallest building in NCR at 121.6 metres and would house 60 premium apartments in two towers. We have already received the required approvals for the upcoming project, which is slated to be completed in the next 30 months,” he said adding that each 4,750 sq.ft apartment comes at over Rs 4 crore.

More Stories on : Foreign Direct Investment | Outlook | Real Estate & Construction

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