Tata Capital Housing Finance Ltd, the flagship financial services company of the Tata Group has committed an investment of Rs 130 crore in the form of construction finance to the flagship residential development of Prescon Group named Midtown Bay located in Mahim, Mumbai. The Group is expected to generate revenue of about Rs. 900 crores from the entire project which is spread across 1.1 acres and is estimated to complete in around 4 to 4.5 years. The project has a total investment of Rs. 450 crores, out of which the remaining amount will be funded by internal accruals. Prescon Group (earlier known as Prestige Constructions) has completed over 18 projects with a development area of more than 3.5 million sq. feet. The promoters of the company carry a lineage of Nitin Castings Limited, which is a listed company on the Bombay Stock Exchange, apart from being one of the leading manufacturers of alloy castings in the country.
Commenting on the investment, 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. The team at TATA Capital is keeping a close track on the construction progress to ensure timely delivery to the homebuyers.”
Prescon Group will soon start the construction of the high rise that overlooks the breath-taking Bandra-Worli Sea Link. Inspired by the myriad elements of nature and redefining all the parameters of luxury, Midtown Bay comprises 1 & 2 Bed Sky Condos with carpet areas ranging between 365 sqft to 580 sqft with two-level basement, Ground Floor, ten-level podiums for parking, and 35 habitable floors. The Sky Condos are attractively priced with one of the lowest ticket sizes in SoBo central market starting at 1.50 crores with its first habitable floor starting from the 12th floor. The configurations are expandable to 2.5, 3, and 4 BHK Jodi units allowing flexibility to the homebuyer. The 49-story mammoth structure is designed by Ar. Hafeez Contractor and is loaded with 25+ thoughtfully planned lifestyle amenities spread across the ground, entertainment deck, and the terrace level. Prescon has also partnered with Singapore-based landscape consultant Site Concepts International for the project.
Commenting about the project and the trust showed by TATA FinanceVedanshu Kedia, Director, Prescon Group said, “We have brought the international concept of ‘Sky-Condos’ to Mumbai for the first time. After deep research on the micro-market, we found that the central location demanded well-crafted private spaces with efficient space utilization. This coupled with a plethora of amenities will captivate the modern homebuyer. The trust and dependability of TATA Finance reinforce our ethos of transparency and reliability. We are excited about allying with TATA in the long term.”
Founded in 1964, The Kedia Group is a reputed industrial conglomerate committed to the mission of nation-building. The group has owned and operated several manufacturing and construction operations – Alloy Steel Casting foundries in Maharashtra, Timber and Plywood production and processing in the North-Eastern states, Steel rolling mills in Gujarat and Rajasthan, and a Wind Power project in Dhulwa, Maharashtra; the group ventured into real estate with a futuristic vision of building high-quality infrastructure for the evolving demography of India. Over a span of two decades in the real estate industry, the Prescon Group then endeavored to deliver quality housing to its customers and have already completed projects in Mumbai, Thane, and Goa.
Tata Capital Housing Finance Limited (TCHFL) is a wholly-owned subsidiary of Tata Capital Limited and is registered with the National Housing Bank as a Housing Finance Company, offering long-term funds for housing purposes.
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