Altico invests Rs 1,250 cr in realty projects in Hyd, Pune

December 21, 2017

Hyderabad, Dec 21 (PTI) Altico Capital, an NBFC, today said it recently deployed Rs 1,250 crore across five real estate projects here and in Pune.

The company invested Rs 500 crore in the city-based Phoenix group for construction and development of IT SEZ projects here and Rs 375 crore in Marvel group in Pune for a bouquet of projects, among others, it said in a statement.

Recently, Altico had announced that it expects to deploy Rs 3,000 crore in the balance part of FY18 in the real estate sector.

Altico Capitals Chief Executive Officer Sanjay Grewal said the investments reflect their continued focus on segments such as affordable and mid-income housing which make up more than 50 per cent of their current portfolio.

"We continue to maintain healthy asset quality of nil NPAs for the fifth consecutive year of our RE (real estate) lending business, even in an environment impacted by the temporary disruptions caused by otherwise stable government policies around demonetisation, RERA and GST, thereby demonstrating our high underwriting standards and superior asset management practices," Grewal said.

Since inception, Altico has deployed more than Rs 8,500 crore across over 100 projects covering more than 100 million sq ft area in seven cities and continues to maintain strong asset profile, the release said. PTI GDK GK SNK

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