Piramal strengthens its presence in Chennai

Piramal Capital & Housing Finance, a subsidiary of Piramal Enterprises Limited, has sanctioned INR 200 crore facility to the Appaswamy Group (Appaswamy) via a structured equity transaction to enable the acquisition of 3.34 acres (60 grounds) land in Kotturpuram, the heart of Chennai. Appaswamy is one of the largest developers in Chennai and has completed more than 10mn sq. ft. till date. Appaswamy acquired this land parcel on River View Road, Kotturpuram, from the TVH Group. The company plans to develop a premium residential project with potential sales revenue totaling in excess of INR1000 crore. Mr. Khushru Jijina, Managing Director, Piramal Capital & Housing Finance, said, “We are pleased to have partnered with the Appaswamy Group for this project  which is situated in a preeminent location within the City of Chennai. The Appaswamy Group has a strong record of execution and delivery and we are happy to be associated with them to enable the delivery of this landmark residential development.” He further added, “Within South India, Chennai is an important market for Piramal Capital & Housing Finance. Since inception in 2014, we have sanctioned and disbursed INR 3500 crores in Chennai market. With consolidation in the industry, we continue to explore strategic opportunities with partners that are focused on seamless execution, high quality developments, and timely delivery.” Within the real estate space, Piramal Capital & Housing Finance, through its financial partnership model is uniquely capable of catering to the entire capital stack – right from early stage equity to late stage debt, construction finance, lease rental discounting, bulk buying apartments and housing finance solutions.