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Realty firm Eon Group on Friday said it has raised ₹50 crore from IIFL Home Finance for its township project in Mumbai. The investment will be in Phase II of the 42-acre project.
IIFL Home Finance had also recently invested ₹50 crore senior-secured construction debt in its affordable housing township ‘Riverwood Park’ located in Thane, said Eon in a statement.
Eon Group said the fund will help the firm accelerate the completion and delivery of the five towers of Phase II that are under varying stages of construction. The total development potential for sale is over 7 lakh square feet.
Bharat Shah, Chairman of Eon Group, expressed confidence about the housing demand.
Sales bookings for over 60 per cent of the inventory have already been achieved and the final tower of Phase II is expected to be completed by December 2025.
Eon plans to develop Phase III of the township which will have over 15 lakh square feet of residential area.
“Affordable housing is a very strong pillar for us and the defensive nature of this product will be key as we balance our portfolio of developments in the near to medium future,” said Palash Shah, Managing Director of Eon Group
Eon Group (previously known as Siddharth Group) has delivered about 11 million square feet area, primarily residential space, in Mumbai Metropolitan Region (MMR). Currently, Eon has over 1 million square feet under development.
In October, Eon Group had said it would invest ₹250 crore to develop a mixed-use project in Mumbai. It added a 5,000 square metre land parcel in Mumbai’s prime Prabhadevi location.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
