Tata Capital Housing Finance Ltd (TCHFL), a wholly-owned subsidy of Tata Capital Ltd. has pledged an investment of Rs. 130 crores construction finance in a residential development project of Prescon Group. The total cost of the project is Rs. 450 crores, and the balance will payed off by Prescon.
The Mumbai based development project is for a high-rise complex named Midtown Bay spread over 1.1 acres and is projected to generate a revenue of Rs. 900 crore for the Group. The construction, planned to overlook the famed Bandra-Worli Sea Link, is estimated to be complete within the next 5 years.
Commenting on the commitment of Tata Group to invest in the project, Vinay Kedia, director of the Prescon Group stated that the capital will provide tremendous stability to the project resulting in its accelerated delivery.
He also disclosed that a team of supervisors at Tata Capitals is keeping a close eye on the construction process to ensure that the deliveries of the constructed condos are made on time to the buyers. The flagship construction project of the Prescon Group is being developed in collaboration with Site Concepts International, a Singapore-based landscape consultant and is designed by Architect Hafeez Contractor.
Midtown Bay, a 49-storey complex, will constitute 1 and 2-bed sky condominiums with various carpet areas starting from 365 sq. feet to 580 sq. feet and is estimated to be priced around Rs. 1.50 crores per condo. The building will also include a 2-level basement and 10-level parking space in addition to a ground floor. The condos, starting from floor level 12 are customisable to 2.5, 3 or 4 BHK to suit the needs of a diverse range of customers.