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Edelweiss Group has invested Rs 355 crore in realty developer Hubtown’s two under-construction residential projects in Mumbai through its non-banking finance company ECL Finance and two funds–Edelweiss India Real Estate Fund and EREF Onshore Fund– managed by the group.
Of the funds, ECL Finance invested Rs 205 crore in the developer’s project Hubtown Seasons in Chembur suburb of Mumbai and infused Rs 150 crore in Hubtown Harmony, a premium development at Matunga in central Mumbai.
“Both projects are under construction, with all approvals in place and the investment from Edelweiss shall be utilized towards ensuring faster completion of both projects, aside from partly refinancing of the existing lenders,” Hubtown said .
