Mumbai: In times of caution on the realty sector expressed by lenders, realty company Sheth Developers today said it has received a debt funding of Rs 450 crore from Indiabulls Finance for an upcoming mall.
The funds will be used for the completion of the mall project in the adjoining suburb of Thane and pay-off existing debt, the company said in a statement here.
It said the entire space in the 1 million sq ft Vivacity Mall has been fully leased even before completion of the project and claimed that it has a waiting list of 30 brands vying to move in.
"The support extended by Indiabulls reiterates our strong business fundamentals and robustness of Vivacity's revenue model," Managing Director Ashwin Sheth was quoted as saying.
Due to stress in assets arising out of excess supply and mounting inventories, especially on the commercial side, lenders have been cautious on the sector.