Arbour invests Rs 50 crore in VDV Group's south Mumbai housing project

The 41-storey project has a range of 1.5 BHK to 3 BHK housing units.

Arbour Investments has infused Rs 50 crore through a debt arrangement into a luxury residential project of unlisted developer VDV Group Mumbai, the real estate investor said on August 13.

The 41-storey project, called The Altitude, in south Mumbai's Tardeo will have 1 and 2 BHK units as well as some 3-BHK apartments. The prices begin at Rs 3.24 crore.

The funding is primarily meant towards meeting working capital requirements, chiefly for costs related to the grant of the commencement certificate for the project from the Brihanmumbai Municipal Corporation (BMC), the city's civic body, Arbour Investments founder Chirag Mehta said. The sales receivables are already 3.5 times of the first tranche of the Rs 50 crore debt issue size.

The project features what the developers says are "Manhattan-style" sky-loft apartments, with high ceilings. The VDV Group has delivered around 8,00,000 sq ft across Mumbai in areas such as Kurla, Bhandup, and Thane. It has also delivered a handful of affordable homes in the Mumbai Metropolitan Region (MMR), the group said in the release.

Arbour has funded nearly Rs 400 crore towards various assets and has also applied for a licence to launch an alternative investment fund. For the Altitude, VDV is partnering with property technology firm BLOX to accelerate sales.