The non-banking financial arm of an alternative investment firm The Xander Group, Xander Finance has invested about INR 300 crore in two residential projects in the National Capital Region and Chennai, a company official said.
Over INR 120 crore has invested by NBFC in a plotted development project of realty developer, VGN Property Developers in Ambattur locality, Western Chennai, while it invested over INR 160 crore in Ansal API’s low-rise residential project in sector 67, Gurgaon.
“Both the projects that we have invested in do not have much of construction risk associated with them as one of them is a low rise and the other one is a plotted development. This has allowed us to enter these projects before the commencement of sales. We are quite confident of cash flows arising from these projects in a shorter span due to limited construction work required to be done,” Amar Merani, Managing Director, Xander Finance said.
The total term of these facilities is over 4-5 years and the payments to be made in branches is linked to certain project-related milestones. The investment that has made into VGN Property’s Chennai project by Xander Finance is part of a larger township, VGN Cosmopolis.
“In January, we launched the 10acre first phase of total plotted development spread over 20 acres. We will be launching our second phase by March or April. This is part of a large township VGN Cosmopolis,” V Pratish De vadoss, Managing Director, VGN Property Developers said.