tata capital: Tata Capital arm extends Rs 130 crore funding to Prescon’s Mahim project
The project—Midtown Bay—is spread over a 1.1-acre land parcel and has a total development potential of nearly 800,000 sq ft. The company expects revenues worth Rs 900 crore from this.
While the total project cost is around Rs 450 crore, the developer will be financing the balance through internal accruals and sales.
The company has managed to sell nearly 25% of the project’s inventory of 410 apartments. The project has received all the necessary approvals and the developer has started construction work at the site.
“Currently, the project is at excavation stage and is expected to be completed in the next four years. The developer has received bookings for 100 apartments out of total planned inventory,” said one of the persons mentioned above.
The funds have been committed as construction finance with a total tenure of six years. Of the total development potential, the redevelopment portion of the project will be around 200,000 sq ft while nearly 600,000 sq ft development will be for sale.
ET’s separate email queries to both Tata Capital Housing Finance and Prescon Group remained unanswered until the time of going to press.
Prescon Group, earlier known as Prestige Constructions, has so far completed over 18 projects with a development area of over 3.5 million sq ft.
The 49-storied sea-view tower, designed by architect Hafeez Contractor, will have 35 habitable floors with two-level basement and 10-level podiums for parking.
This project comprises one- and two-bedroom apartments with carpet areas ranging between 365 sq ft and 580 sq ft priced upward of Rs 1.50 crore.
In a bid to attract homebuyers with specific budgets looking for apartments in established prime locations, real estate developers are aligning their product strategies with changes in configurations.
While these projects are located at central locations and offer modern amenities, the sizes have been configured to attract contemporary homebuyers with relatively smaller budgets that otherwise may not fetch them what they are looking for.
Developers across key markets are responding to the shift in homebuyers’ sentiment and budgets and are trying to right-price and right-size their offerings to suit their requirements.