Tata Capital invests ₹130 crore in Prescon Group’s Mahim project

Tata Capital Housing Finance Ltd, the flagship financial services company of the Tata Group, has committed an investment of ₹130 crore in the form of construction finance to the flagship residential development of Prescon Group named Midtown Bay located in Mahim, Mumbai.

The group is expected to generate revenue of about ₹900 crore from the entire project which is spread over 1.1 acres and is estimated to be completed in 4 to 4.5 years. The project has a total investment of ₹450 crore, of which the remaining amount will be funded by internal accruals.

Prescon Group (earlier known as Prestige Constructions) has completed more than 18 projects with a development area of more than 3.5 million sq. ft. The promoters of the company carry a lineage of Nitin Castings Limited, which is a listed company on the BSE, apart from being one of the leading manufacturers of alloy castings in the country.

Vinay Kedia, director, Prescon Group, said, "While giving tremendous stability it will accelerate the delivery of the project. The team at Tata Capital is keeping a close track on the construction progress to ensure timely delivery to the homebuyers."

Prescon Group will soon start the construction of the high rise that overlooks the Bandra-Worli Sea Link.

Midtown Bay comprises 1 & 2 bed sky condos with carpet areas ranging between 365 sq. ft to 580 sq. ft with two-level basement, ground floor, ten-level podiums for parking and 35 habitable floors.

The Sky Condos are priced at ₹1.50 crore with its first habitable floor starting from the 12th floor. The configurations are expandable to 2.5, 3 and 4 BHK jodi units allowing flexibility to the homebuyer.

The 49-storey mammoth structure is designed by Architect Hafeez Contractor. Prescon has also partnered with Singapore-based landscape consultant Site Concepts International for the project.

Tata Capital Housing Finance Ltd (TCHFL) is a wholly owned subsidiary of Tata Capital Ltd and is registered with the National Housing Bank as a Housing Finance Company, offering long-term funds for housing purposes.