New Delhi: Realty firm Sikka group has raised Rs 230 crore as debt to complete its three housing projects in Noida. The Delhi-based real estate firm is developing over 3,300 housing units in these three projects.
With demand slowdown in the property market, cash-starved real estate developers in the Delhi-NCR are raising fund from banks and private equity players to complete their projects and handover housing units to customers.
Earlier this month, RG Group raised Rs 170 crore from a private equity firm for its housing project in Noida. Sikka group has raised Rs 230 crore debt from a leading bank and the fund would be utilised towards speeding up the construction of the three projects.
"Partial disbursement of the funds has been done recently and the remaining instalments would soon follow," Sikka Group director Gurneet Singh Sikka said. The company would complete construction of over 3,300 flats, comprising 45 lakh sq ft of saleable area, using this fund, he added.
The company is developing two projects on Noida Expressway totalling 2,950 flats. The construction work on these two projects is at advanced stage and delivery will start in the last quarter of this year.
It is developing another 5-acre project in Noida with 364 dwelling units.
"Our focus has always been to deliver on whatever we promise to our customers. We are also planning to raise funds for our other projects so that we can deliver them on time as well," he said.