Ashiana Homes & Landcraft raises Rs 180 crore from Indiareit & IIFL

NEW DELHI: Realty firms Ashiana Homes and Landcraft Projects said they have raised Rs 100 crore from Pirmal Group's private equity firm Indiareit and another Rs 80 crore from financial institution India Infoline to fund their upcoming housing project in Gurgaon.

Ashiana Homes and Landcraft have formed a 50:50 joint venture firm to develop a housing project in Gurgaon. The project, located on Dwarka Expressway, would have 750 flats.

"We have bought 14 acre of land in Gurgaon from Vatika group. The joint venture will be investing Rs 600 crore to develop a housing project," Ashiana Landcraft Realty, the JV firm, Director Rohit Raj Modi said.

The investment would be funded through internal accruals, debt and equity, he added.

"We have raised Rs 100 crore from Indiareit Domestic Fund and Rs 80 crore from IIFL," Ashiana Landcraft Realty Director Manu Garg said.

Modi said the fund raised from Indiareit and IIFL are mostly debt with some equity portion.

The joint venture company would launch this project at around Rs 7,000 per sq ft in February 2014 and construction would start from April onwards, Garg added.

The project 'Center Court' is expected to be completed by June 2017. The JV would undertake the construction work inhouse, but has tied up with Singapore-based Belt Collins International for landscape architect.

Delhi-based Ashiana Homes is developing projects in the national capital region, Jaipur and Bhubaneshwar, while Landcraft Projects is building a 90-acre township and a group housing projects in Ghaziabad.