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Tata Capital invests Rs.130-Cr in Prescon's project in Mumbai's Mahim

Economic Times  

Tata Capital Housing Finance has lent INR 130 crore to real estate developer Prescon Group's residential project in Mumbai's Mahim locality. The 49-storied sea-view tower, designed by architect Hafeez Contractor, will have 35 habitable floors with two-level basement and 10-level podiums for parking. The project - Midtown Bay - is spread over a 1.1-acre land parcel and has a total development potential of nearly 800,000 sq ft. The company expects revenues worth INR 900 crore from this. While the total project cost is around INR 450 crore, the developer will finance the balance through internal accruals and sales.