IIFL Home Finance invests Rs 50 cr in Eon Group's township project in Mumbai

IIFL Home Finance invests Rs 50 cr in Eon Group's township project in Mumbai

Eon Group said the fund will help the firm accelerate the completion and delivery of the five towers of Phase II that are under varying stages of construction.

PTIUpdated: Friday, December 16, 2022, 04:25 PM IST
article-image
IIFL Home Finance invests Rs 50 cr in Eon Group's township project in Mumbai | IIFL

Realty firm Eon Group on Friday said it has raised Rs 50 crore from IIFL Home Finance for its township project in Mumbai.

IIFL Home Finance has recently invested Rs 50 crore senior-secured construction debt in its affordable housing township 'Riverwood Park' located in Thane, Eon said in a statement.

The investment will be in Phase II of the 42-acre project.

Where will the funds be used?

Eon Group said the fund will help the firm accelerate the completion and delivery of the five towers of Phase II that are under varying stages of construction. The total development potential for sale is over 7 lakh square feet.

Mumbai updates: Hinduja Group to invest Rs 35,000 Cr in Maharashtra

Bharat Shah, Chairman of Eon Group, expressed confidence about the housing demand.

Sales booking

Sales bookings for over 60 per cent of the inventory have already been achieved and the final tower of Phase II is expected to be completed by December 2025.

Eon plans to develop Phase III of the township which will have over 15 lakh square feet of residential area.

Palash Shah, Managing Director of Eon Group, said: "Affordable housing is a very strong pillar for us and the defensive nature of this product will be key as we balance our portfolio of developments in the near to medium future."

Eon Group

Eon Group (previously known as Siddharth Group) has delivered about 11 million square feet area, primarily residential space, in Mumbai Metropolitan Region (MMR). Currently, Eon has over 1 million square feet under development.

Eon Group investment in October

In October, Eon Group had said it would invest Rs 250 crore to develop a mixed-use project in Mumbai. It added a 5,000 square metre land parcel in Mumbai's prime Prabhadevi location.

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

WATCH: Edtech firm Coding Ninjas blocks employees from leaving office in Gurugram, later issues...

WATCH: Edtech firm Coding Ninjas blocks employees from leaving office in Gurugram, later issues...

Odisha Train Accident: Adani Group to pay for school education of children who lost their parents in...

Odisha Train Accident: Adani Group to pay for school education of children who lost their parents in...

NCLT approves 180 resolution plans involving realisation amount of Rs 51,424 cr in FY23

NCLT approves 180 resolution plans involving realisation amount of Rs 51,424 cr in FY23

Marketing tech firm ZoomInfo to lay off 3% of global workforce

Marketing tech firm ZoomInfo to lay off 3% of global workforce

Walmart shareholding in PhonePe drops to 85%

Walmart shareholding in PhonePe drops to 85%