Latest News | IndusInd Bank Invests Rs 140 Crore in Sushma Group's Commercial Projects

New Delhi, Feb 13 (PTI) Punjab-based real estate firm Sushma Group has raised Rs 140 crore from IndusInd Bank to fund its commercial projects.

In a statement, the Sushma Group said on Monday that IndusInd Bank has committed Rs 50 crore to its commercial project 'Sushma Capital'.

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IndusInd Bank has committed another Rs 90 crore fresh funding for its another commercial project 'Sushma Pristine'.

The two commercial projects have a combined area of 1.47 lakh square feet of office spaces, 60,000 square feet of SOHOs, and 7.69 lakh square feet of retail spaces.

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"The aggressive financing of the commercial segment by banks and financial institutions is a testament to the bright future of commercial real estate in Tier 2 cities. With this funding, we are well-positioned to continue delivering innovative real estate solutions to our customers," said Prateek Mittal, Executive Director, Sushma Group.

The Group has delivered several projects spread cumulatively over 5 million square feet in the last 14 years, while another about 10 million square feet is under construction.

It has projects in and around Chandigarh, including cities like Zirakpur, Mohali, Greater Mohali, Aerocity, Kharar and New Chandigarh. The Group is developing one more project in Himachal Pradesh.

Last year, Sushma group had raised Rs 100 crore from Motilal Oswal group for development of its residential project.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)