Punjab-based real estate firm Sushma Group has raised Rs 140 crore from IndusInd Bank to fund its commercial projects. In a statement, the Sushma Group said on Monday that IndusInd Bank has committed Rs 50 crore to its commercial project 'Sushma Capital'.
IndusInd Bank has committed another Rs 90 crore fresh funding for its another commercial project 'Sushma Pristine'.
The two commercial projects have a combined area of 1.47 lakh square feet of office spaces, 60,000 square feet of SOHOS, and 7.69 lakh square feet of retail spaces.
"The aggressive financing of the commercial segment by banks and financial institutions is a testament to the bright future of commercial real estate in Tier 2 cities. With this funding, we are well-positioned to continue delivering innovative real estate solutions to our customers," said Prateek Mittal, Executive Director, Sushma Group.
The Group has delivered several projects spread cumulatively over 5 million square feet in the last 14 years, while another about 10 million square feet is under construction.
It has projects in and around Chandigarh, including cities like Zirakpur, Mohali, Greater Mohali, Aerocity, Kharar and New Chandigarh. The Group is developing one more project in Himachal Pradesh.
Last year, Sushma group had raised Rs 100 crore from Motilal Oswal group for development of its residential project.
News Source: India Times
Related posts:
GMADA's latest e-auction opens doors to lucrative property investment in Punjab. From commercial shops and petrol pump sites to school and hotel plots, this auction spans across SAS Nagar and New Chandigarh. Starts August 1, 2025. Allotment on 10% bid...
The Zirakpur Ring Road Project has received clearance from MoEFCC. With a budget of ₹1,900 crore, the six-lane, 19.2 km bypass will ease congestion from NH-5 and NH-7. Work is scheduled to begin by end of 2025, providing alternate routes...
GMADA E-Auction: Commercial, Residential, Institutional Sites on Sale!
Zirakpur Ring Road Project Gets Green Signal, Work by 2025!
Green Lotus Utsav Receives OC for Legal, Eco-Luxury Possession!
One Group Bets Big on Mohali with ₹1200 Cr Real Estate Investment!
Zirakpur Bypass Six Lane Project Cleared at Rs 1878 Cr: Check Points!
Add Property