Realty firm Eon group said it has raised Rs 50 crore from IIFL Home Finance for its township project in Mumbai.The investment will be in Phase II of the 42-acre project.
IIFL Home Finance has recently invested Rs 50 crore senior-secured construction debt in its affordable housing township 'Riverwood Park' located in Thane, Eon said in a statement.
Eon Group said the fund will help the firm accelerate the completion and delivery of the five towers of Phase II that are under varying stages of construction. The total development potential for sale is over 7 lakh square feet.
Bharat Shah, Chairman of Eon Group, expressed confidence about the housing demand. Sales bookings for over 60 per cent of the inventory have already been achieved and the final tower of Phase II is expected to be completed by December 2025.