WSBREDF – II Commits INR 105 Crores to Paranjape Group Housing Project

Walton Street Black Soil Real Estate Debt Fund II (WSBREDF – II), with a target corpus of INR 500 crores and a green shoe option up to INR 250 crores, has announced an investment of INR 105 crores in two under construction mid-income housing projects of Pune based realty developer Paranjape Group. Currently under construction with requisite approvals in order, both these projects belong to the well-established Blueridge Township. A flagship township project of Paranjape group, Blueridge is located in the proximity of Hinjewadi, near Rajiv Gandhi Infotech Park, Phase 1. Spread across 138 acres and comprising 4500 families, the township boasts of an operational SEZ of ~3 mn sf ft replete with amenities such as schools, malls and healthcare facilities. Hinjewadi, being the largest IT park in India, houses over 300 IT companies with more than 7.5 lakhs IT professionals. This also makes it one of the most sought-after and cosmopolitan locales, thus attracting more investments by homebuyers in the area. With unparalleled excellence in execution and a delivery track record of more than 60 years, Paranjape Group enjoys high-quality credit and a trusted reputation. With construction on at full pace, these projects are substantially sold at the time of investment. Commenting on the investment, Vinit Prabhugaonkar, Managing Partner at Walton Street India Real Estate Advisors Pvt Ltd, said, “ We are excited to join hands with a renowned developer such as Paranjape group with an excellent delivery track record built over decades. The in-fill location of Blueridge Township offers a unique walk-to-work proposition to its inhabitants with many leading IT and financial services companies operating within the Blueridge SEZ. This mid-income residential development aptly fits our fund’s investment mandate, and we continue to seek more opportunities in this space across key metros, beaming with improved buyer sentiments led by favorable policies, relatively steady prices and all time low interest rates.” In conversation about housing scenarios in Pune, Shashank Paranjape from Paranjape Group said, “ We are elated to partner with Walton Street Black Soil (WSB) and work towards our joint commitment of building homes for middle-income groups across prime locations. Over the last few years in Pune, we have witnessed an increase in demand for realty with the population here hoping to make a shift from rentals to self-purchased spaces. Capitalizing on this mindset shift, both our projects are essentially designed to cater to this growing thirst of home-buyers in the city.”