Aliens Group, the Hyderabad-based real estate development company, is all set to close a Rs. 70 crore (about $16 million private equity (PE) deal), which is part of the funding requirement to meet the Rs. 1,000-crore Aliens Space Station project coming up near the IT hub of Hyderabad.
“The project, which plans to develop 2,182 apartments, with a total built up area of about 4 million square feet, will also see the first set of owners being handed over keys of their property,” Mr Sudesh Kumar Sharma, Chief Financial Officer of Aliens Group, told Business Line.
The company has recently restructured the project finance securing a debt component of Rs. 70 crore and also private equity component of Rs. 70 crore from a US-based PE company. The overall cost of the project has been worked out to about Rs. 1,000 crore. It would be completed by March 2014, he said.
“We are comfortable with project funding and 1,300 apartments have already been booked. We are averaging about 30 bookings a month in spite of the general slowdown in the real estate in the country. The company hopes to complete rest of the bookings by the next financial year end,” he said.
“A project with such features if sold in a place like NCR or Mumbai would have fetched nearly three to four times the average cost of sale of Rs. 3,000 per sq ft here,” he said.