Piramal Finance Limited sanctions INR 280 crores to Puranik Builders

Mumbai, October 4, 2017: Piramal Enterprises Limited, through its subsidiary Piramal Finance Limited (PFL), today announced an INR 280 crore sanction to Puranik Builders for one of its flagship projects in Thane - “Puranik City Reserva”.

Piramal Finance, through its entire suite of products, is following a ‘financial partnership’ model, by extending holistic solutions to developers. Within the Real Estate space, PFL is uniquely capable of catering to the entire capital stack – right from early stage equity to late stage debt, construction finance, lease rental discounting as well as bulk buying apartments – and is therefore, able to act as a perpetual provider of capital for its preferred relationships.

Khushru Jijina, Managing Director, Piramal Finance & Managing Director, Piramal Housing Finance, said “I am pleased to mark what we hope will be a long and rich relationship with the Puranik Group, that has a demonstrated track record of execution in the Thane micro market. We look forward to enabling the growth of the Group with our offerings across both the wholesale as well as retail business.”

Shailesh Puranik, Managing Director, Puranik Group, said “We are extremely pleased to have started our relationship with the Piramal Group. With this deal, it will help us to achieve a complete financial closure for the project. We firmly believe that the market today presents attractive opportunities and we look forward to relying on the Piramal platform’s experience and expertise as a lender of choice as we chart out our own path towards further growth.”

Puranik City Reserva, a unique theme based ongoing project at Ghodbunder Road, being developed on 13 acres of land with 2.2 mn sq.ft. development potential worth Rs.2000 crores approximately, is to be completed over the next 6 to 7 yrs. The project has received a good response during its launch a couple of months back, and the construction on-site, is in full swing. Puranik Builders has so far developed over 5 Mn sq.ft. of real estate and is currently developing around 15 Mn sq.ft. in Thane, Pune, Lonavala, Karjat and Mumbai suburbs.