Mumbai-based real estate developer Parinee Group has raised Rs 300 crore from PNB Housing Finance Ltd for its upcoming commercial project Parinee I at Andheri, sources close to the development said.

Sources told BusinessLine that the transaction has been closed and the first tranche of the fund has been disbursed.

Parinee will use the funds to meet its project related expenses. The debt fund has a tenure of four years.

Parinee and PNB Housing Finance were unavailable for a comment

Parinee I, is an iconic Grade A Office complex being built on approximately one acre of land parcel in Andheri West. The project is schedule to be completed by 2018 and will have an area of five lakh sq feet. It features a first-of-its-kind dichroic glass façade.

Parinee Group has completed almost 1.5 million sq.ft. of commercial and residential projects since its inception and has crafted landmarks such as Parinee Crescenzo in Bandra Kurla Complex.

Currently, it is developing projects totaling to 2.5 million sqft at Worli,Khar West, Andheri West, Juhu, Kandivali West and Borivali West.

Last week, Parinee Group has raised Rs 350 crore from ECL Finance, the non-bank finance arm of Edelweiss Group, for its under construction project Xclusive in Worli.

A Collier report said that India recorded 41.6 million sq ft (3.9 million sq metres) of gross office leasing transactions in 2016.

Surabhi Arora, Senior Associate Director, Colliers India, said in a report, “Despite the fact that many forecasters have revised down their 2017 estimates for India GDP to 6.8-7.0 per cent due to short-term adverse repercussions of demonetization, we believe the outlook for the office sector remains positive this year. In our view, the policy changes that the government is implementing should help improve business confidence in India resulting in robust office leasing demand in coming years.”

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