Nisus Finance invests Rs 90 crore in Paranjape Schemes’ Pune housing project

Mumbai: Structured real estate credit fund manager Nisus Finance Services has invested Rs 90 crore Realnet Ventures, a wholly owned subsidiary of Paranjape Schemes (Constructions) through its Real Estate Special Opportunities Fund-I (RESO-I).

The investment is made in a residential tower being developed on a 1.09 Acres of conveyed land with total saleable area of 4.02 lakh sq ft. It holds a gross development value of Rs 370 crore and is likely to generate an operating surplus of Rs 143 crore, Nisus Finance said in a release.

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The project is part of Blue Ridge, a 150-acre developed township by Paranjape Schemes (Constructions) in Hinjewadi phase 1. The township is a mixed-use township with 33 residential towers.

Hinjewadi remains one of Pune’s most mature and sought-after residential micro-markets, supported by steady end-user demand owing to its proximity to major IT parks, well-developed social infrastructure, and connectivity to key parts of the city.