14 , February , 2023
Punjab based realty firm Sushma Group has raised Rs 140 crore from IndusInd Bank to fund its commercial projects. IndusInd Bank has committed Rs 50 crore to its commercial project 'Sushma Capital', informed Sushma Group.
IndusInd Bank has committed another Rs 90 crore fresh funding for its another commercial project 'Sushma Pristine'. The two commercial projects have a combined area of 1.47 lakh square feet of office spaces, 60,000 square feet of SOHOs, and 7.69 lakh square feet of retail spaces.
Prateek Mittal, Executive Director, Sushma Group, said, "The aggressive financing of the commercial segment by banks and financial institutions is a testament to the bright future of commercial real estate in Tier 2 cities. With this funding, we are well-positioned to continue delivering innovative real estate solutions to our customers."
Last year, Sushma group had raised Rs 100 crore from Motilal Oswal group for development of its residential project.
(WITH INPUTS TAKEN FROM PTI)