Mumbai-based real estate investment firm Nisus Finance Services Co Pvt. Ltd (NiFCO) has backed Midcity Heights Pvt. Ltd. (MHPL) for two redevelopment projects, the investor said in a statement.
The Mumbai-based developer has raised Rs 25 crore (around $3.6 million) for Ocean Heights and an adjoining project at Yari Road in Versova. The projects have a total saleable area of 50,000 sq ft and cater to the mid-income affordable housing segment.
Amit Goenka, managing director and chief executive officer, NiFCO, said, “Midcity Heights projects fits with our investment strategy. They have demonstrated integrity, professionalism, commitment and financial discipline which meet all of our risk and investment parameters. This investment is in line with our strategy to invest in infield micro markets of Mumbai suburbs catering to the budget 2 and 3 BHK segment.”
He said the consumer sentiment in these locations has not been largely affected by demonetisation since most buyers comprise home loan consumers.
“The reduction in home loan rates is further expected to accelerate sales for mid-income consumer segment,” he said.
With a host of services including funding, asset management and investment banking under one roof, NiFCO has an asset under management (AUM) of nearly Rs 900 million.
In May last year, it invested Rs 30 crore in an ongoing residential project of Bengaluru-based developer Shriram Land Development.
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