Mumbai-based Parinee Realty has raised ₹350 crore from ECL Finance, the non-bank finance arm of Edelweiss Group, for its under construction project Xclusive in Worli, sources close to the development said.

“The pure debt fund will be used to finance and execute the project. The developer has bagged the funding for a tenure of four years,” they said.

Parinee Realty declined to comment on the deal, while Edelweiss Group could not be reached for a comment.

Edelweiss is one of the biggest players in the debt investment market.

The Xclusive by Parinee Group, is a luxury residential project housed a 2.5-acre land. The project being constructed on an SRA land will have 108 units in the first phase with 46 floors.

It will 3,4 and 5 BHK flats at a starting price of ₹11 crore onwards. The project is expected to be completed by 2019.

Parinee has upcoming projects, including residential and commercial, which include one each in Mankhurd, Vakola, Borivali, Kandivali, Mulund, Chembur, Juhu and Kalina.

It has 24 projects under various stages of development.

The company in its website said it has over 20 million sq feet of upcoming projects.

According to a Cushman and Wakefield report, the housing demand is estimated at 4.2 million for the top eight cities in the next five years.

A JLL report said that the real estate sector had attracted ₹38,000 crore as private equity investments in 2016, up 62 per cent over the previous calendar year.

JLL said that of the total, 65 per cent of the investments were made in the form of structured debt, as has been the trend in the past couple of years.

This signals that fundamentals are not improving as far as on-ground sales are concerned.

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