Tata Capital Housing Finance Ltd, has announced a whooping investment of Rs 130 Cr in the form of construction finance to the flagship residential development of Prescon Group named Midtown Bay in Mahim, Mumbai designed by noted Architect Hafeez Contractor. A report by SURFACES REPORTER (SR).
The flagship financial services company of the Tata Group has committed an investment of Rs 130 crore for the Prescon’s major project and is expected to generate revenue of about Rs. 900 crores. The entire project is spread across 1.1 acres and estimated to be completed in around 4 to 4.5 years.
The 49- storey project has a total investment of Rs. 450 crores, out of which the remaining amount will be funded by internal accruals.
The said high rise comprises 1 & 2 Bed Sky Condos with carpet areas ranging between 365 sqft to 580 sqft with two-level basement, Ground Floor, ten level podiums for parking and 35 habitable floors, overlooking the breath-taking Bandra-Worli.
In addition, the Sky Condos are priced starting from 1.50 crores with its first habitable floor starting from the 12th floor.The configurations are expandable to 2.5, 3 and 4 BHK jodi units allowing flexibility to the homebuyer.
The project boasts of 25+ thoughtfully planned lifestyle amenities spread across the ground, entertainment deck and the terrace level. Prescon has also partnered with Singapore-based landscape consultant Site Concepts International for the project.
Commenting on the investment, Mr. Vinay Kedia, Director, Prescon Group said, "We are proud to be associated with TATA Capital on this prestigious project. While giving tremendous stability it will accelerate the delivery of the project. The team at TATA Capital is keeping a close track on the construction progress to ensure timely delivery to the homebuyers."
Commenting about the project and the trust shown by TATA Finance, Mr. Vedanshu Kedia, Director, Prescon Group said, “We have brought the international concept of 'Sky-Condos' to Mumbai for the first time. After deep research on the micro market, we found that the central location demanded well-crafted private spaces with efficient space utilization. This coupled with a plethora of amenities will captivate the modern homebuyer. The trust and dependability of TATA Finance reinforces our ethos of transparency and reliability. We are excited about allying with TATA in the long term."
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