North-based real estate developer Saya Group has raised Rs 200 crore ($31 million) from financial services company Edelweiss Financial Services for its ongoing residential project Saya Homes, the company said in a statement.
VCCircle had first reported that the non-banking financial company (NBFC) arm of Edelweiss has backed a project of the company.
"Our organisation is developing over 24 lakh sq ft in Indirapuram and approximately 11 lakh sq ft in Greater Noida West. We have already delivered approximately 10 lakh sq ft in Indirapuram in our two projects. With this new development; we are looking forward for a brighter future," Vikas Bhasin, managing director, Saya Group, claimed in the statement.
The company also said that it is not looking at raising further funds for its ongoing projects as it has reached financial closure for these developments.
The developer has a small portfolio of projects with only one project completed – Desire Residency. It has three ongoing projects on the residential front with two projects in Indirapuram and the third one in Noida West, according to its website.
The realty market is going through a slump and Delhi-NCR has been bearing the brunt the most on account of slow sales and piled-up inventory. Inventory months (time required to clear unsold stock) moved up to 71 months as of March 31, 2015 for Delhi-NCR against 51 months in the preceding quarter. Sales in the area went down by 27 per cent in the quarter ending March 31, 2015 against the preceding one.