In exactly what might proclaim a bounce back for the real estate market, Piramal Agastya, a unique objective automobile of billionaire Ajay Piramal-owned empire, has actually obtained concerning Rs 700 crore in lending submission operating Standard Chartered Bank being the lead lender.

Last month, the company appointed stage I of PiramalVaikunth, an additional lavish residential task, topped 32 acres in Thane. “Banks have actually shed their appointment in lending to real estate tasks to a level as they are opening around top quality home builders,” claimed an elderly exclusive bank exec, that did not want to be recognized.

In an e-mail reaction Piramal team verified the issue. “We have a permission for a financing of Rs 700 cr, which stands for the economic closure of financing for stage 1 of a top quality office job being established by PRL Agastya, a SPV of Piramal Realty,” the company stated.