Fashion clothing company Bhartiya International raises 700 cr for real estate project

BANGALORE: fashion clothing company Bhartiya InternationalBSE 1.29% raised 700 crore in debt for a 125-acre mixed-use Bangalore, marking its entry into the real estate sector. Prada Cosmetic Bags The company has raised debt from a consortium of banks, including consolidated BankBSE 0.52%, 3.54% BankBSE Allahabad Bank of BarodaBSE 0.83% State Bank of Patiala and Andhra BankBSE 0, 05%. Debt to finance the first phase of the project, under which 900 housing units will be built. "The entire project will require nearly $ 2 billion investment," said Snehdeep Aggarwal, president and founder of Bhartiya International. "It is to be spread over 8-10 years. The whole city area is expected to 17 million square feet." The first phase is spread over 500 m2 to 1,950 m2 House and will be sold between 29 lakh and 1.5 crore. The project is a total of 2400 housing units. It should be completed by 2016. "The units are expected to be from 1 to 1500000000 sales in the next eight years, the reinvested earnings to generate sales of assets of business, trade and gastronomy would bring," said Aggarwal. The development project is an autonomous city. In addition to the houses, he will souks, high street retail and shopping centers, a five-star hotel, a business district and financial IT Campus, a school and one hospital. The Delhi-based company has signed a Memorandum of Understanding with Leela VentureBSE 0.85%, which the five-star in the project will succeed.