Realty firm Prateek group raises Rs 135 crore from Indiabulls Housing

NEW DELHI: Real estate developer Prateek group has raised Rs 135 crore from Indiabulls Housing Finance Company for its project Prateek Wisteria in sector-77 of Noida, said two people with knowledge of the matter.

The Noida-based company will use part of the money to complete towers under construction and the rest to pay for land among other purposes, said one of the persons. The project has a total of 20 towers, of which about 15 have already been delivered to homebuyers.

An email questionnaire sent to Indiabulls HFC did not elicit any response. A spokesman for Prateek group declined to comment. Several builders in NCR have been looking to raise money to finish construction or even repay other expensive loans they might have taken.