The SPR Group has raised undisclosed capital from LIC Housing for its ongoing residential project of 1.7 million sq ft at SPR City, an integrated township in north Chennai.
The infusion from LIC Housing will result in preponing the construction at the residential project, resulting in handing over of the apartments by the end of this fiscal, according to a statement.
“Capital raised will be utilised for preponing the construction and ensuring the completion of the residential project within this financial year. Part of the capital raised has been used to repay and provide an exit to Piramal Enterprises,” said Chetan Bohra, Director of SPR.
The company said that with the exit of Piramal, the cost of capital is expected to be reduced by 35-40 per cent in the current financial year, thus giving impetus to construction speed.
“With our robust sales and delivery line-up, we see growth in coming year irrespective of the Covid-19 impact on the economy,” said Navin Ranka, Director, SPR Group.
For residential development, SPR City has secured approval for constructing 45-floor towers and 85 bungalows. Shri Ram Universal School (from founders of Shri Ram and Lady Shri Ram College, Delhi) has agreed to set up a school at SPR City. For the retail mall, prominent players like Lifestyle, Max, PVR Cinema, SPAR and Westside have already signed up.
The SPR City project will comprise a large multi-commodity wholesale trade centre – Market of India, residential towers, educational institutions, mall and office space.