The developer has raised the funds to finance its two residential redevelopment projects – ‘Ocean Heights’ and ‘an adjoining project’ at Yari Road, Versova suburb of Mumbai, NiFCO said in a release.
These projects with total saleable area of 50,000 sq. ft. cater to mid-income affordable housing segment comprising of 3-bedroom apartments. Both the projects have already been secured approvals and are expected to be delivered over the next two years.
“Midcity Heights projects fits perfect with our investment strategy. This investment is in line with our strategy to invest in infield micro markets of Mumbai suburbs catering to the budget 2&3 BHK segment,” said Amit Goenka, MD & CEO of NiFCO. “The reduction in home loan rates is further expected to accelerate sales for mid-income consumer segment.”
Walls N Roof Comment : Nisus Finance Services Co Pvt. Ltd (NIFCO) is one of the leading financial services companies with specialization in real estate. The company provides diversified portfolio which includes investment banking, asset management, realty development etc. The company based out of Mumbai comprises some of the best professionals with mortgage finance, real estate, construction and asset management experience. The projects cater to mid income affordable housing. The group is affirmative that the reduction in home loan rates will accelerate the pace for mid income housing as well. 2016 has seen good investments in the residential and commercial sector. 2017 is also expected to see ample investments in both sectors of realty.