Comments
Nisus Finance Services Co (NiFCO), an alternatives advisor with a real estate-focussed debt/mezzanine Fund, has exited its investment in Midcity Heights, a developer in western suburbs of Mumbai.
Midcity Heights had raised the capital from investors of NiFCO last year to fund its residential project in Andheri. NiFCO had agreed to invest up to ₹30 crore with Midcity Heights but opted for an early exit.
Ocean Heights project is a 21-storeyed building with over ₹60 crore in sale value.
Amit Goenka, Managing Director & CEO of NiFCO, said, “Our strategy of investing into late stage projects is paying rich dividends to investors. This is the third instance wherein we have returned capital this year without delinquency and with handsome returns. The advent of RERA has boosted buyer confidence for such fast completing projects, allowing increased sales velocity and quick receivables.”
Mid-income housing projects have seen revival in demand, supported by aggressive home finance schemes, which has brought in quick liquidity into such projects, he added.
Suburban micro markets of Mumbai are performing well and Midcity’s Ocean Heights is a good example of such a project. RERA has allowed many promoters to look for last mile funding to accelerate their completion and delivery.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.