While March of 2020 brought bad news with the pandemic hitting the world and businesses being affected badly.
All the banks worldwide stopped eliciting new loans proposals and even stopped disbursements of loans already approved due to the market uncertainties.
However, even during such uncertain times, there were brands like Alliance Group which the banks were willing to trust and disburse loans based on their past experience and the repayment history that the group had displayed in the past.
In Mar 2020, ADIA (Abu Dhabi Investment Authority) and Kotak Realty Fund disbursed Rs.115 Crores to Alliance Galleria Residences project with a 4 year repayment period.
While the situation of COVID has not completely gone from the market and the fears of a 3rd wave still being there, Alliance Group through innovative sales strategies and marketing has managed to sell and generate funds to pre-pay the entire loan of Rs.115 Crores along with interest of Rs 25 Crores totalling to a total repayment of Rs.140 Crores in just 19 months instead of the 48 months period given by ADIA & Kotak Real Estate Fund. This is a new benchmark set in the Real Estate Sector.
Commenting on the achievement, Manoj Namburu, Chairman and Managing Director of Alliance Group, said, "We are extremely happy and proud to announce that the company has achieved a major milestone by prepaying the entire loan amount within just 40% of the repayment timeline. Despite all banks freezing disbursements owing to pandemic from January 2020, ADIA & Kotak had disbursed such huge funds to Alliance Group which truly shows the confidence that the investors have in our brand.
The company managed to maintain its unblemished record by paying EMIs even amid the pandemic as the loan amount was classified under Alternative Investment Funds from abroad which is not part of the RBI guidelines and the loan moratoriums. This truly validates the financial discipline and the stability of the company.
The increasing interest, trust that homebuyers had in the brand and on the project along with the hard work of the team in completing the project on time helped the company prepay the entire loan amount in such a short time span and thereby making Alliance Galleria Residence a debt free project. With this achievement we will continue to maintain our recognition and work hard to create more such milestones, "added Manoj.
Alliance Galleria Residences is a premium apartment community that stands tall on the 200ft Radial road. Constructed with modern features, impeccable design and best-in-class amenities, the property stands a new landmark in the region. Alliance Galleria Residences is part of the 42 million sq. ft of developments that Alliance Group is currently developing.
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( With inputs from ANI )
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