Piramal Capital and Housing Finance, a subsidiary of Piramal Enterprises Ltd sanctioned Rs 200 crore for city-based property developer Appaswamy Real Estates.
The fund was sanctioned through ‘structured equity transaction’ to enable the property developer acquire 3.34 acres of land.
The Appaswamy group has proposed to develop a premium residential project with potential sales revenue of Rs 1,000 crore.
“We are pleased to partner with the Appaswamy group for the project. Chennai is an important market for Piramal Capital. Since inception in 2014, we have sanctioned and disbursed Rs 3,500 crore in the Chennai market,” Managing Director of Piramal Capital and Housing Finance Khushru Jijina said.
Appaswamy Group is one of the largest property developers in South India and has so far completed projects across 10 million square feet.
“We are delighted to tie up with Piramal Capital and Housing Finance. In Piramal, we’ve found a deeply committed and knowledgeable partner who brings with them rich experience”, Managing Director of Appaswamy group, Ravi Appaswamy said.