Realty developer Tridhaatu Realty is in talks with private equity firms to raise about Rs 450 crore to fund development of its ongoing projects and support further expansion across Mumbai over the next 3-4 years.
The company has initiated talks with financiers for pure equity participation in a platform that will include its ongoing projects and few redevelopment projects to be added later. Currently, the Mumbai-based developer has 14 ongoing projects in central part of the city with 2.5 million sq ft space.
The proposed fundraising will be in addition to the company’s recently formed partnership with ASK Property Investment Advisors to develop a slew of the company’s redevelopment projects in the in south and central part of Mumbai. ASK Property Investment Advisors will be investing Rs 150 crore in Tridhaatu’s projects through this alliance and has already invested Rs 44 crore as first round of this planned investment.
“We are poised for rapid growth with improved residential demand, especially in the mid-market segment of housing,” Pritam Chivukula, co-founder & director, Tridhaatu Realty & Infra, told ET. “We are looking at expanding our portfolio through alliances and acquisitions and the market is currently offering right opportunities for this.”
The recent policy level changes, including the implementation of Real Estate (Regulation & Development) Act, 2016, the Goods & Services Tax India and demonetisation have resulted in consolidation in real estate sector. Several realty developers across markets are looking for stronger players to associate with through joint developments, joint ventures or ever exiting few projects completely.
Chivukula, however, declined to comment on the funding proposals or negotiations.
