Tata Capital Housing Finance, a wholly owned subsidiary of Tata Capital, has committed an investment of Rs. 130 crore in the form of construction finance in Prescon Group's residential development - Midtown Bay situated in Mahim, Mumbai, the company said in a media release.
Vinay Kedia, director, Prescon Group said, "The team at Tata Capital is keeping a close track on the construction progress to ensure timely delivery to the homebuyers."
The project has a total investment of Rs. 450 crores, out of which the remaining amount will be funded by internal accruals.
The group is expected to generate revenue of about Rs. 900 crore from the entire project which is spread across 1.1 acres and is estimated to complete it in around 4 to 4.5 years.
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