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Gurgaon-based real estate developer Vatika Group on Friday secured ₹700 crore funding from non-banking financial company Altico Capital, and has closed the first tranche of ₹475 crore.
The money is being invested in a portfolio of projects with a potential of 3 million sqft in the group’s flagship residential township Vatika India Next, the group said in a statement, adding, the balance funding will come in subsequent stages as the project is being developed over several phases.
Spread over 623 acres in Sector 82-85 in Gurgaon, Vatika India Next is an integrated township with already developed social infrastructure such as schools, retail space and hospitals, with over 3,000 families currently residing in the township in over 5,000 homes.
The township lies at the intersection of the NH-8 and the Dwarka Expressway.
Commenting on the funding, Altico Capital Chief Executive Sanjay Grewal said the fund or group?, with over 25 years of track record, has already delivered 42 million sqft, while another 50 million sqft is under development in Gurgaon.
“The investment aims to underwrite projects within a township development wherein catchment and marketability has been established,” he said.
The fund will be used to develop specific projects in the township, including a 14-screen PVR multiplex, which will be the largest PVR in Gurgaon; a mid-market group housing project called Tranquil Heights and a commercial project, he added.
“Our association with Vatika will help execute and deliver around 3 million sqft of residential, retail and office space with a further potential to add another 1 million sqft in future,” he said.
Altico Capital is sponsored by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners. It plans to deploy around ₹5,000 crore on an annual basis into the residential and commercial real estate sectors across the major metros.
Headquartered in Gurgaon, Vatika Group claims to be largest private (non-listed) developer in north India and runs a facilities services arm with around 15 million sqft under management.
CBRE’s Capital Markets team acted as the advisor to the transaction.
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