TCG Real Estate has secured funding of <span class=

TCG Real Estate secures funding of ₹714 crore from SBI for World Trade Center project in Gurugram

TCG Real Estate has secured funding of 714 crore from State Bank of India for developing the World Trade Center project located in Gurugram. The project has a leasable area of around 1 mn sq ft, documents accessed by CRE Matrix, a real estate data analytics firm, showed.

TCG Real Estate has secured funding of <span class=
TCG Real Estate has secured funding of 714 crore from State Bank of India for developing the World Trade Center project located in Gurugram. (Representational photo)(Pixabay)

Energetic Construction Pvt. Ltd promoted by TCG Urban Infrastructure Holding Pvt. Ltd has secured the funding from SBI, the documents showed.

Unlock exclusive access to the latest news on India’s general elections, only on the HT App. Download Now! Download Now!

Also Read: Delhi-NCR saw 29 land deals for approximately 314 acres closed in FY-24; Gurugram leads with 22 land deals

The funding secured in the form of a loan is for a tenure of 72 months and the annual rate of interest payable is 9.6%, the documents showed.

The deed of hypothecation was registered on March 28, 2024. This was executed between Energetic Construction Private Limited in favor of SBICAP Trustee Company.

Also Read: Virat Kohli leases 12 office spaces in Gurugram for 8.85 lakh per month

TCG and its subsidiary had over the years acquired 7.94 acres of land in Gurugram. “The borrower now proposes to undertake the project having mixed use development comprising office space and high street retail) in the name of World Trade Center, Gurugram located on NH8,” the documents showed.

The property is located off NH8 on Sohna Road in Gurugram.

The project is expected to comprise four towers – two office towers would be spread across an area of 9.4 lakh sq ft and two retail towers would be spread across an area of 72,407 sq ft, the documents showed.

The estimated cost of the project is 1211.86 crore, the documents showed.

Also Read: EaseMyTrip co-founder buys commercial property in Gurgaon worth 100 crore

“The company approached SBI for financial assistance to enable it to part finance the project and the lender based on the request, representation and warranties made by the borrower have agreed to make available to the borrower a rupee term loan facility for an aggregate principal amount not exceeding 714 crore…,” the documents showed.

Emails have been sent to TCG Real Estate and SBI.

Source link