Ajmera Realty & Infra India, a prominent real estate company, has successfully raised Rs 500 crore in credit facilities from Standard Chartered Bank and ICICI Bank. The funds secured will be utilized for the execution of Ajmera Manhattan, a high-profile project situated in Wadala, Mumbai.
Partial Prepayment of GCP Loan
Additionally, a portion of the funds, amounting to Rs 200 crore, has been utilized for the partial prepayment of the GCP loan availed from HDFC Bank. This strategic move allows the company to align the project loan repayment closely with the project cash flows, leading to improved efficiency and financial management. Dhaval Ajmera, the director of Ajmera Realty & Infra India, expressed his satisfaction with the successful execution of the deal. He emphasized that this significant achievement highlights the company’s financial reliability and creditworthiness, ultimately reinforcing their commitment to realizing their vision for 5x growth.
A Lower Cost of Funds
What sets this deal apart is the fact that Ajmera Realty & Infra India secured this credit facility at a lower cost of funds compared to prevailing rates with their existing lender. This allows the company to optimize their financial resources and improve profitability. The estimated project completion costs are set to be well-covered by pre-sales balance receivables. By leveraging the credit facilities from Standard Chartered Bank and ICICI Bank, Ajmera Realty & Infra India ensures smooth operations and on-time project delivery.
Driving Growth in the Real Estate Sector
Ajmera Realty & Infra India has established itself as a key player in the real estate sector. This recent financial accomplishment demonstrates their ability to secure strategic partnerships and funding arrangements that drive the growth of their projects. The Ajmera Manhattan project in Wadala, Mumbai, is a testament to the company’s commitment to developing premium properties that meet customers’ aspirations. With these credit facilities, Ajmera Realty & Infra India is well-equipped to deliver on their vision and contribute to the development of the real estate landscape in India.
Conclusion
The securing of Rs 500 crore credit facilities from Standard Chartered Bank and ICICI Bank is a significant milestone for Ajmera Realty & Infra India. The funds will propel the successful execution of the Ajmera Manhattan project, while the partial prepayment of the GCP loan demonstrates the company’s financial prudence and effective management of project cash flows. This accomplishment reaffirms Ajmera Realty & Infra India’s position as a reliable and creditworthy player in the real estate sector. Moving forward, the company is poised to continue its growth trajectory and make significant contributions to the development of urban infrastructure in India.
