Paranjape Schemes, a leading real estate developer, has secured funding of over Rs 230 crore from private equity funds such as ASK Property Investment Advisors, Arbour Investments, and Walton Street Capital. These investments will be utilized for residential projects in Mumbai and Pune. Notably, Paranjape Athena in Mumbai's Bandra, Forest Trails in Pune's Bhugaon, Trident in Wakad, and Paranjape Aspire in Andheri are among the projects. The company aims to complete construction by 2027, with a projected revenue of Rs 1,100 crore. Paranjape Schemes is also recognized for its senior living developments and plans to create a residential project for families with autistic children.
Paranjape Schemes, a prominent real estate developer, has successfully raised over Rs 230 crore in funding from esteemed private equity funds, namely ASK Property Investment Advisors, Arbour Investments, and Walton Street Capital. These substantial investments have been directed towards Paranjape Schemes' exceptional residential ventures situated in the bustling cities of Mumbai and Pune.
Among these investments, ASK Property Investment Advisors has notably infused more than Rs 91 crore into the company's distinguished housing project, Paranjape Athena, situated in Mumbai's esteemed Bandra locality. This project holds great significance as it involves the redevelopment of a cherished old housing society known as Teachers' Colony, providing a renewed living experience for the 140 families currently residing within its confines. Walton Street Capital, another esteemed investor, has contributed a substantial sum of over Rs 85 crore across two of Paranjape Schemes' remarkable undertakings. The first is the magnificent Forest Trails township project, nestled in Pune's vibrant Bhugaon region. The second is the opulent Trident housing project, gracefully occupying a five-acre expanse within the coveted locality of Wakad.
In a display of their unwavering commitment to excellence, Arbour Investments has invested over Rs 35 crore in Paranjape Schemes' exclusive residential project, Paranjape Aspire. This remarkable venture sprawls across a quarter-acre of prime land in Andheri, a coveted suburb of Mumbai. Notably, Paranjape Aspire is a joint development project in collaboration with the esteemed Rainbow Housing, a renowned realty developer based in Pune. Paranjape Schemes has already initiated construction work on all four of these prestigious projects, with anticipated completion by the year 2027. Encouragingly, the projects in Andheri and Bandra, comprising 90 and 135 apartments, respectively, have already achieved a commendable 20 percent sales rate. Similarly, bookings for the developments in Pune have soared to an impressive 80 percent. Paranjape Schemes envisions a cumulative revenue of Rs 1,100 crore from these four visionary projects.
Beyond their residential ventures, Paranjape Schemes has also established a prominent presence in the senior living space. With a notable track record, they stand as one of India's largest senior living developers, catering to the needs of 4,000 esteemed senior citizens across their completed projects. Furthermore, the company operates 12 independent senior living projects under the renowned Athashri brand, situated in three states. To further exemplify their dedication to societal well-being, Paranjape Schemes has announced plans for an exclusive residential project, SwaNiketan, tailored specifically for families with autistic children. This compassionate initiative is set to create a supportive and nurturing environment for these families, providing them with a place they can truly call home.
Paranjape Schemes, with a successful history spanning over 30 years, has firmly established itself as a multi-segment real estate company. Their impressive portfolio encompasses over 200 completed projects, showcasing their expertise in both residential and commercial domains. Notably, the group has received significant financial support, exceeding Rs 1,800 crore, from esteemed fund houses within the country, further solidifying its position as a trusted and reliable player in the industry.
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