07/09/2017 Exclusive: Landmark Holdings, Nisus Finance back Noida-based developer – VCCircle

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Exclusive: LandmarkHoldings, Nisus Financeback Noida-baseddeveloper 07 September, 2017

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Exclusive: Landmark Holdings, Nisus Finance back Noida-based developer

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07/09/2017 Exclusive: Landmark Holdings, Nisus Finance back Noida-based developer – VCCircle

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Landmark Holdings, the realty investment arm of

Dalmia Group, and real estate-focused private equity

firm Nisus Finance Services Co Pvt. Ltd have backed a

residential project of a Noida-based developer.

The two companies have invested Rs 30 crore in

Earthcon’s ongoing project in Noida Extension, a

Landmark spokesperson told VCCircle. However, it

could not be ascertained as to which investor put in

how much.

The project has a saleable area of 2.35 million square

feet (sq. ft), and 2,000 units spread across seventeen

towers. Its first phase, Casa Royale, comprises five

towers and is likely to be delivered by the end of

2017. The second phase of twelve towers, Sanskriti, is

expected to be delivered by the end of 2018 or early

2019, the spokesperson said. The amount raised will

go towards the two phases.

The capital has gone to the developer in the form of

last-mile funding. “Last-mile funding is required

because the project surplus has been used for new

acquisitions and current cash flow is subdued as a

result of slower-than-expected sales,” the

spokesperson said.

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07/09/2017 Exclusive: Landmark Holdings, Nisus Finance back Noida-based developer – VCCircle

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“The transaction is funded for 18 months, with

extension up to 30 months, and a 19.5% internal rate

of return with quarterly coupons,” the spokesperson

said. Around 80% of the total project cost has been

incurred and 85% of the apartment stock in the

project is sold, the spokesperson added.

The deal marks a new addition to the portfolios of

both Landmark Holdings and Nisus Finance. Delhi-

based Landmark has struck a number of deals in real

estate in the recent past. Recent transactions include

projects of developers like Darode Jog (Pune) along

with realty-focused PE fund Amplus Realy, Forum

Group and Saya Homes.

Mumbai-based Nisus Finance, which invests in

residential projects from its alternate investment

funds, has deployed over Rs 200 crore in India’s

property market. In recent transactions, it has funded

developers such as Shriram Land Development and

Midcity Heights.

In an interaction with VCCircle earlier this year, Amit

Goenka, managing director and chief executive

officer of Nisus Finance, said the company had

decided to add redevelopment projects

(https://www.vccircle.com/realty-pe-firm-nisus-

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07/09/2017 Exclusive: Landmark Holdings, Nisus Finance back Noida-based developer – VCCircle

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finance-tap-redevelopment-projects/) to its

investment game plan, apart from investing in its

mainstay of fresh residential projects through debt

route and bulk buying.

Other deals

The development comes at a time when a slew of

developers has gone for fresh funding to complete

ongoing projects. While debt funding for refinancing

is in excess, capital for project development and

completion is limited.

In Delhi-NCR, Motilal Oswal Real Estate has

committed to invest Rs 120 crore

(https://www.vccircle.com/motilal-oswal-real-estate-

backs-ats-gurgaon-project/) in a residential project of

north-based developer ATS Infrastructure. The

developer also received Rs 200 crore for a mixed-use

project (https://www.vccircle.com/ask-group-backs-

ats-infrastructures-mixed-use-project/), Knights

Bridge, from ASK Property Investment Advisors, the

property investment arm of ASK Group.

Other developers that have raised funds include

Logix Group, which bagged Rs 900 crore

(https://www.vccircle.com/exclusive-noida-developer-

logix-raises-mega-financing-round/) from PNB

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07/09/2017 Exclusive: Landmark Holdings, Nisus Finance back Noida-based developer – VCCircle

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Housing Finance, and Gurgaon developer AIPL, which

got around Rs 300 crore from Piramal Group and

Reliance AIF.

Shadab Khan-led Earthcon, which has presence

across residential, commercial and holiday homes,

claims to have delivered over 1.5 million sq. ft, as per

its website. Currently, it has over 10 million sq. ft

under development across markets such as Delhi,

Noida, Greater Noida, Dehradun, Moradabad,

Aligarh, Bhopal, Sambhal, Lucknow and Nainital.

Some of its completed projects include Casa Grande,

Yuvraj Residency, Naini Kingdom and Naini Paradise,

among others.

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07/09/2017 Exclusive: Landmark Holdings, Nisus Finance back Noida-based developer – VCCircle

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07/09/2017 Exclusive: Landmark Holdings, Nisus Finance back Noida-based developer – VCCircle

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