Ghaziabad-based real estate developer BCC Infrastructures Pvt. Ltd. has raised Rs 250 crore from ECL Finance, the financial arm of Edelweiss.
According to a press release, BCC Infrastructures will utilise these funds for completion of Phase-II of its flagship project- Bharat City, a 60-acre residential township at Indraprastha Yojna, Ghaziabad. The firm has already completed Phase-I of Bharat City with over 1,000 families staying in the township project.
Kumar Bharat, Director, BCC Infrastructures Pvt. Ltd, said, “This development is a true testimony of the fact that there is no real recession in the real estate market for developers that come with the intent to deliver. BCC Infrastructures follows the philosophy of – People First! In line with our philosophy our every step is towards fulfillment of commitment to our valued customers.”
Edelweiss’ NBFC arm has invested significant sums in housing projects across the country and recently put in Rs. 725 crore jointly with IIFL in Bengaluru-based land aggregator and developer Manyata Promoters. Also, it put in Rs 100 crore with SMC Global in builder MG Housing’s township project in Dharuhera near Gurgaon. Earlier, it had invested Rs 200 crore in an under-construction project of Saya Group in Ghaziabad.