Non-banking finance company L&T Finance Holdings has extended a loan of Rs 300 cr to realty developer Satellite Group for its low-cost housing projects in the city. The funding for nearly a million sqft of development potential has been made at around 15% with a total tenure of up to 7 years.
The funds are meant to be used for construction of the developer’s 5-lakh sqft low-cost housing project in Mumbai’s western suburb Malad, a mid-income group project in Goregaon suburb, and a premium project in South Mumbai. The Malad project is a low-cost slum rehabilitation project for which the company has already received approvals and about 80% of the land parcel has already been vacated.
The second project in Mumbai’s Goregaon suburb is also a slum rehabilitation project and has the potential to develop around 2 lakh sqft of saleable space under a midincome segment.
The work at this project is expected to commence over the next few months. The third project in this portfolio is spread over half an acre land parcel at Mumbai Central in South Mumbai and the construction work is expected to start over the next two quarters.
Recently, L&T Finance Holdings, a Larsen & Toubro subsidiary, invested around Rs 150 cr in Pune-based Saarthi Group’s two residential projects. The non-banking financial company (NBFC) recently also extended of Rs 350 cr funding to realty developer Supertech’s housing project in Greater Noida.