Kumar Urban Development Ltd (KUL), the Pune-based realty company promoted by Lalit Kumar Jain, has raised Rs 200 crore for its first residential township project, called KUL Ecoloch, VCCircle reported, citing a source close to the development.
The source said the transaction was concluded last month: “It has raised equity of Rs 50 crore from LIC Housing Finance Ltd Asset Management Company (LICHF AMC) besides a debt component of Rs 150 crore from LIC Housing Finance Ltd (LIC HFL) for its residential township project in Pune.”
“We have given them a debt of little less than Rs 150 crore for their project,” quoted V K Sharma, chief executive, LIC HFL, in the report.
KUL Ecoloch is a residential township located in Mahalunge in Baner, Pune. The township is spread across 110 acres where apart from residential properties, hospital, mall and school will be developed. The 1BHK-33BHK apartments will have a sized ranging between 392 sqft-1296 sqft. The project will be undertaken in five phases.
KUL has been on a money raising spree, it has recently raised $13 million from JM Financial’s real estate fund, Infinite India Investment Management, for its 1 million sq ft residential development. Last year it had raised close to Rs 300 crore through a mix of debt and equity from private equity investors.
Sources in the industry say the privately held company is looking to raise money for its projects in Mumbai too. It has five residential projects launched in Mumbai besides twelve residential developments in Pune. Although, it has been active in the residential property business, Ecoloch is its first township project, the report added.