IndusInd bank invests Rs 140 crore in Sushma Group

15 Feb 2023 , 09:28 AM

IndusInd Bank has invested Rs140 crore in the commercial projects of the Sushma Group in Chandigarh.

As Covid increased demand for quality housing and commercial space in smaller cities, developers in tier 2 cities began to receive institutional funding.

Sushma Group raised Rs100 crore from Motilal Oswal last year to fund the construction of its 10.75-acre Zirakpur project.

IndusInd Bank has committed Rs50 crore to Sushma Capital, of which Rs25 crore is new funding, with the remainder going to DMI Finance. IndusInd Bank has also committed Rs90 crore in new funding for Sushma Pristine.

Sushma Capital and Sushma Pristine are commercial projects under construction with a total area of 1.47 lakh sq. ft. of office space and 7.69 lakh sq. ft. of retail space that includes fine dining, food courts, fashion brands, and entertainment zones, among other things.

Phase 1 of Sushma Capital is already operational, while possession of Sushma Pristine Phase 1 will begin in 2024.

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