Published On:April 20 2021
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ICICI Ventures' realty fund invests in Platinum Corp's two projects in Mumbai.

ICICI Ventures Fund Management’s India Real Estate Investments Fund has invested Rs. 55 crore in realty developer Platinum Corp’s two projects in Andheri suburb of Mumbai.

The funds from the investment, structured as a quasi-debt transaction, will be used in the developer’s two projects for payment of floor space index (FSI) premium to civic authorities and to secure all relevant permissions.

The combined revenue potentialof both these projects is over Rs. 350 crores with a total inventory of 250 multi-functional apartments with configuration of compact 1 and 2 bedrooms. Total investment for these projects is pegged at Rs 280 crore, which will be funded though promoters’ contribution and sales proceeds in addition to the new financing.

In the past, Platinum Corp has raised funds worth Rs. 145 crore from Edelweiss Real Estate Fund in June 2016, Rs. 40 crore from ECL Finance also in June 2016. ICICI Home Finance Co had invested Rs 20 crores in October 2019, while AU Small Finance Bank invested Rs. 15 crore January 2020.

“In the last 18 months, we have delivered three residential projects in Andheri and the company is now in the process of picking up a brownfield development of around 1 million sq ft in South Mumbai,” Vishal Ratanghayra, Founder & CEO, Platinum Corp, told ET. “We are actively looking to acquire few other brownfield projects from other developers as well as financial institutions.”

The two projects being financed by the India Real Estate Investments Fund are society redevelopment projects spread over nearly half an acre.

The developer is now working on the concept of playing an active role of a ‘Development Manager’ for projects of other developers, where they take on the entire responsibility of finance, planning, permissions, execution, marketing and sales of the project thus ensuring timely delivery and desired returns to all stakeholders.

It is currently executing development in excess of 1 million sq ft with Platinum Life, Platinum Prive, Platinum Tower 1 and Platinum Casa Millennia which are redevelopment of MHADA societies.

The company is also executing a few other projects that include redevelopment of societies on government lands and is planning to undertake an affordable housing project under Pradhan Mantri Awas Yojna (PMAY) at Panvel near Mumbai.


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