Nisus invests ₹90 Cr in Blue Ridge - Construction Week India

Paranjape Schemes has secured a ₹90 crore investment from Nisus Finance for development of a premium residential tower at the Blue Ridge township in Hinjawadi Phase 1, Pune.

Residential expansion
The investment, through Nisus Finance’s Real Estate Special Opportunities Fund-I, will be made in Realnet Ventures Private Limited for construction within the 150-acre Blue Ridge integrated township.

Blue Ridge currently includes 33 residential towers housing more than 6,000 families, three operational special economic zones employing over 35,000 information technology professionals, commercial establishments, educational infrastructure and recreational facilities.

The upcoming project will be developed on 1.09 acres of conveyed land and include 188 residences in 3 BHK and 4 BHK configurations. The total saleable area is estimated at about 4.02 lakh square feet, with an estimated gross development value of around ₹370 crore.

Demand drivers
Paranjape Schemes said that Hinjawadi continues to witness demand from homebuyers because of employment hubs, infrastructure development and preference for integrated township projects.

Avadhoot Sarwate, Chief Investment Officer at Nisus Finance Services Co Limited, said that the investment aligned with the company’s focus on projects with established infrastructure and residential demand for larger homes.

Shrikant Paranjape, Chairman of Paranjape Schemes, said that Nisus Finance’s involvement helped achieve financial closure for the project. He added that the partnership provided financial certainty for project execution.