Chennai: SPR City, Chennai’s largest township today announced that they had raised capital from LIC Housing towards its ongoing residential project of 1.7 Mn Sq Ft. This infusion from LIC Housing will result in preponing the construction at the residential project resulting in handing over of the apartments by the end of this fiscal.
Company spokesperson, Chetan Bohra (Director), said “Capital raised will be utilized for pre-poning the construction and ensuring the completion of the residential project within this financial year. Part of the capital raised has been used to repay and provide an exit to Piramal Enterprises. With the exit of Piramal, the cost of capital is expected to be reduced by almost 35-40% in the current financial year, thus giving impetus to Construction speed.”
SPR Director, Navin Ranka added, “Closure of fund raising from LIC Housing denotes the confidence of the country’s top financial institution into the Project. With our robust sales and delivery line up, we see growth in coming year irrespective of covid impact on economy”
