Jain Housing secures Rs. 240cr for realty projects
In order to add to its product portfolio in the real estate sector, Jain Housing and Constructions, a renowned realty builder, has decided to launch three premium residential projects including Jains Inseli Park with 808 apartments, Jains Pebble Brook I housing 620 apartments and Jains Pebble Brook II offering 356 apartments on the city’s IT corridor Old Mahabalipuram Road. To ensure smooth funding flow for these projects, the builder has recently generated Rs. 240cr from Singapore’s sovereign wealth fund GIC Pvt. Limited through convertible debentures worth Rs. 10 lakh each to GIC, said an industry insider, adding that it is upbeat over the performance of last financial year of the company, which largely focused on the southern market and completed over 10 lakh sq ft of residential apartments in the region through its various projects in Chennai.
The player is still open to more funding (by way of equity or structured debt) from investors in the future either at the entity level or for any specific project and that it currently has more than 15 projects at different stages of construction and all of them are slated to be completed in the next four to five years, they added.