Tata Capital to invest Rs. 130 cr in Prescon project at Mahim

Tata Capital Housing Finance has committed an investment of Rs 130 crore in the form of construction finance to Prescon Group’s residential project, Midtown Bay, at Mahim in Mumbai.

According to a press release, the Group is expected to generate revenue of about Rs. 900 crore from the entire project which is spread across 1.1 acres and is estimated to complete it in around 4 to 4.5 years. The project, it said, has a total investment of Rs. 450 crore, out of which the remaining amount will be funded by internal accruals.

Vinay Kedia, Director, Prescon Group, said, “We are proud to be associated with Tata Capital on this prestigious project. While giving tremendous stability it will accelerate the delivery of the project.”

Tata Capital Housing Finance Limited is a wholly owned subsidiary of Tata Capital Limited and is registered with the National Housing Bank as a housing finance company.