Tata Capital Housing Finance Ltd. has committed an investment of INR 130 crore in the form of construction finance to the flagship residential development of Prescon Group named Midtown Bay located in Mahim, Mumbai.
Prescon Group is expected to generate revenue of about INR 900 crore from the entire project which is spread across 1.1 acres and is estimated to complete it in around 4 to 4.5 years. The project has a total investment of INR 450 crore, out of which the remaining amount will be funded by internal accruals. Prescon Group (earlier known as Prestige Constructions) has completed over 18 projects with a development area of more than 3.5 million sq. feet. The promoters of the company carry a lineage of Nitin Castings Limited, which is a listed company on the Bombay Stock Exchange, apart from being one of the leading manufacturers of alloy castings in the country.
Vinay Kedia, Director, Prescon Group said “We are proud to be associated with TATA Capital on this prestigious project. 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 breath-taking Bandra-Worli Sea Link.Inspired by the myriad elements of nature and redefining all the parameters of luxury, Midtown Bay comprises 1 & 2 Bed Sky Condos with carpet areas ranging between 365 sqft to 580 sqft with two-level basement, Ground Floor, ten level podiums for parking and 35 habitable floors. The Sky Condos are attractively priced with one of the lowest ticket sizes in SoBo central market starting 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 Ar. Hafeez Contractor and is loaded with 25+ thoughtfully planned lifestyle amenities spread across the ground, entertainment deck and the terrace level. Prescon has also partnered with Singapore-based landscape consultant Site Concepts International for the project.
Vedanshu Kedia, Director, Prescon Group informed “We have brought the international concept of ‘Sky-Condos’ to Mumbai for the first time. After deep research on the micro market, we found that the central location demanded well-crafted private spaces with efficient space utilization. This coupled with a plethora of amenities will captivate the modern homebuyer. The trust and dependability of TATA Finance reinforces our ethos of transparency and reliability. We are excited about allying with TATA in the long term.”