MUMBAI, Oct 13 (The CONNECT) - Tata Capital Housing Finance Ltd, has committed a construction finance of Rs 130 crore to the flagship residential development of Prescon Group called Midtown Bay located in Mahim, Mumbai.
The Group is expected to generate revenue of about Rs. 900 crores from the entire project which is spread across 1.1 acres and is estimated to complete it in around 4 to 4.5 years. The project has a total investment of Rs. 450 crores. While Tata Capital finances Rs 130 crore, the rest of the amount will be funded by internal accruals.
Prescon Group, formerly Prestige Constructions, has completed 18 projects with a development area of more than 3.5 million sq. feet. The promoters of the company carry a lineage of Nitin Castings Limited, which is a listed company on the Bombay Stock Exchange.
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.”
Prescon Group will soon start the construction of the high rise that overlooks the breath-taking Bandra-Worli Sea Link.
Inspired by the myriad elements of nature and redefining all the parameters of luxury, Midtown Bay comprises 1 and 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. The Sky Condos are attractively priced with one of the lowest ticket sizes in SoBo central market starting at 1.5 crore 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 49-storey mammoth structure is designed by Ar. Hafeez Contractor and is loaded with25+ 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.
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."