Prateek to raise Rs 100cr PE fund for housing project in Noida

Prateek to raise Rs 100cr PE fund for housing project in Noida New Delhi: Realty firm Prateek Group on Tuesday said it plans to raise Rs 100 crore through private equity to fund an investment of Rs 550 to develop luxury housing project in Noida.

The company is in advance stage of discussion with a private equity firm to raise fund and the deal is expected to be concluded next month.

"We are launching our new housing project comprising 426 flats. The project cost, including land and construction, is about Rs 550 crore," Prateek Group Chairman and Managing Director Prashant Tiwari told reporters.

When asked about funding, he said: "The part of the investment will be self-funded and we are also in the process of raising funds through private equity. One company has shown interest in investing Rs 100 crore in our project".

Tiwari declined to divulge the name of the private equity firm and said the deal would be announced after Diwali.

Elaborating on the project, he said the company has launched this project at basic selling price of Rs 6,750 per sq ft. The project, designed by Hafeez Contractors, would be a green building.

Prateek group is currently developing several projects in the national capital region.


PTI