NEW DELHI: Punjab-based real estate firm Sushma Group has raised Rs 140 crore from IndusInd Bank to fund its commercial projects. In a statement, the Sushma Group said on Monday that IndusInd Bank has committed Rs 50 crore to its commercial project ‘Sushma Capital‘.
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.
“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,” said Prateek Mittal, Executive Director, Sushma Group.
The Group has delivered several projects spread cumulatively over 5 million square feet in the last 14 years, while another about 10 million square feet is under construction.
It has projects in and around Chandigarh, including cities like Zirakpur, Mohali, Greater Mohali, Aerocity, Kharar and New Chandigarh. The Group is developing one more project in Himachal Pradesh.
Last year, Sushma group had raised Rs 100 crore from Motilal Oswal group for development of its residential project.