Edelweiss Financial Services Successfully Exits Paradigm Realty Project, Sets Stage for Second Development Phase
In a significant milestone for both parties involved, Edelweiss Financial Services has exited Paradigm Realty’s mixed-use township project, 102 Downtown, located in Mumbai’s Andheri West suburb, with Rs 1.75 billion. The debt repayment was completed two quarters ahead of schedule, demonstrating the project’s strong sales collections and successful refinancing efforts at an impressive interest rate below 13% per annum. This achievement signals the transition to the project’s second development phase, which is poised to bring even more growth and prosperity.
A Powerful Collaborative Journey
The partnership between Paradigm Realty and Edelweiss Financial Services began two years ago with the raising of debt, which played a crucial role in supporting the residential phase of 102 Downtown. Covering 10 acres, the joint venture with Prozone Realty has an expansive 4.5 million sq. ft. development potential. This includes a remarkable 1.3 million sq. ft. of residential spaces, along with plans for a shopping center that aims to become one of the largest malls in Mumbai’s western suburbs.
Praising Financial Discipline and Operational Efficiency
Parthh K Mehta, Chairman and Managing Director of Paradigm Realty, attributes this early debt repayment to the team’s financial discipline and operational efficiency. He emphasizes that Edelweiss Financial Services’ funding played an instrumental role in expediting the delivery of the first phase, which encompasses 600 apartments. By successfully navigating the challenges and adhering to best practices, Paradigm Realty and Edelweiss Financial Services have underscored their commitment to unprecedented professionalism in a fiercely competitive market.
A Testament to Robust Financial Management
The early debt repayment serves as a resounding testament to the robust financial management of the 102 Downtown project. With a strong market performance contributing to the project’s success, there is great optimism regarding the future growth and further development of the massive township.
Paradigm Realty’s consistent achievements and their ability to meet targets with impeccable timing bode well for their reputation in Mumbai’s real estate sector. As evidence of this, the completion of the first phase and successful exit by Edelweiss Financial Services lays the groundwork for a bright future for both parties involved. The collaboration has set a high bar in terms of achievements, signaling to investors and residents alike that the 102 Downtown project is one to watch closely as it continues to unfold.
